• USD/JPY's plunge to new trend lows sets stage for a bigger drop

• The 50% Fibo of the 2020-22 uptrend at 126.56 is the primary target

• That by last May's major range low at 126.37 on EBS

• Break of uptrend line across recent RSI lows points to new push lower

• Would fade a rebound to 131.30 by Monday's 131.31 swing low

• The 61.8% of this week's slide is also at 131.34

• However, we may see the 126.56 Fibo target tested beforehand

• Downtrend remains intact unless kijun and 30-DMA are closed above

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