• USD/JPY managed to close significantly below the 149.23 Fibo, last week

• 149.23 Fibo, a 50% retrace of the 139.58 to 158.88 (Sept to Jan) EBS rise

• The 146.95 Fibo, 61.8% of the same 139.58-158.88 gain, was also probed

• However, the market closed last week well above the 146.95 Fibo

• Fourteen-week momentum is negative, the overall outlook is bearish

• USD/JPY Trader . Previous update

Weekly Chart:

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