USDJPY Jan 30 to Feb 03 Outlook

Recap
First part of the week the pair took off from our support zone and reached Y+3, clearing our upside targets. Tagging Y+3 too fast usually results in a steep pullback to Y+1. That was expected and happened. The surprise though, was that news shock killed the Y+1 support. Closed the week at the low.

Outlook
The bullish bottoming structure on weekly is in danger. The support zone built for months now will face its biggest challenge in coming few weeks.

Not interested in going short from here. Let’s see if the pair can again form a better bottom in near future.