• USD/JPY rebound so far capped at 137.85, which was the Dec. 7 rebound high

• Also below 137.94, the 23.6% & 50% Fibos of the drops from 151.94 and 142.25

• Short's stop is set above those Fibos and the 138 figure

• Without a close above there the downtrend from October may resume

• Broader Fibo targets are at 132.55/46 if the 200-DMA and Dec low give way

• But a close above the 13-DMA at 137.28, would be the first since October

• It would increase the risk of 21-DMA and kijun tests, last at 138.42/40.58

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