USD/JPY analysis

USDJPY broke below previos swing low of uptrend. The RSI also broke below 50. So, the trend has changed to bearish.

127.2% of upward correction is approximately 150, which is the nearest target.

US ISM Manufacturing PMI and US JOLTS jobs openings will be released on Monday and Tuesdays respectively, which may casue temporary bullish move in the pair if these data will beat the expectation significantly. If it happens, and the pair closed above swing high of correction, the bearish setup will fail.

However, same as or close to expected data will not change the trend. For example, recent US PCE and Prelim GDP q/q were released yesterday, both were almost same as expected, and USD ended the day as bearish. USD was in bull run since US election, so a bearish move is natural.