Important Time For USD-JPY

• USD/JPY fell to its lowest level since late November earlier this week before finding support at the 100.80 200% extension of the mid-January advance
• Our broader bias is now negative in the rate while below 104.40
• The 100.80 level is now a key pivot that needs to be breached soon on a daily close to undermine the potential positive cyclicality of this week
• A minor cycle turn window is seen early next week
• A weekly close back over 104.40 would turn us positive again on USD/JPY