Let's look at this week's USD/JPY

ayerUSD/JPY rallied in a V-shaped reversal ahead of this week's non-farm payrolls (NFP) data, which is key to gauging the health of the US labor market. I predict that Friday's employment report will show modest job gains, reflecting continued economic stabilization. About 144,000 jobs are expected to be added, up slightly from 142,000 previously. This data will have a significant impact on the Federal Reserve's monetary policy decisions, especially in the discussion of further interest rate cuts.

After retracting from the 146.50 resistance, USD/JPY has fallen sharply over the past few days. The pair fell more than 3% and broke below the short-term downtrend line, with the first support coming from the 14-month low of 139.56. If the decline continues, the July 2023 low of 137.20 below this could pause the decline. The relative strength index and the stochastic index continue to decline.