USDJPY Jan 12 to Jan 16 Outlook

Recap
The bearish expectation unfolded. Y-1 breached with Y-2 almost tagged. Bounced to Y-0 but failed to hold above Y-1. Closed the week below Y-1 and midpoint.

Outlook
As explained last week, the weaknesses is expected because of the importance of 120-121, a pullback to Y-3 is more likely than not. Until ninja can clear Y-0 again a short term down trend in the making.