The USD/JPY pair has broken down today. This pair has broken all short-term support levels and is expected to continue in the same vein over the next weeks as well. The entire rise from 104.60 is now complete and we have started at least the first leg down in the correction process.
Minimum target for a pullback is at the 38% Fibonacci retracement at 108.85. If this support level is broken, then we should expect the price to reach the 61.8% retracement. Short-term has changed to bearish. I remain bearish for this pair and consider any bounce as a selling opportunity.