• There are conflicting signals on the daily USD/JPY chart

• USD/JPY left large lower shadows on Friday and Monday = downside rejection

• There could be a bigger recovery back above the 150.00 psychological level

• However, negative 14-day momentum remains highlights the downside risk

• Two key technical signals point to a bigger USD/JPY drop

• This market could go either way. USD/JPY Trader

Daily Chart:

(Martin Miller is a Reuters market analyst. The views expressed are his own)