• Last week's big USD/JPY slump broke but failed to close under 149.23 Fibo

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

• However 14-week momentum negative, highlights the bearish market structure

• If there is a weekly close under the 149.23 Fibo, that would be very bearish

• It would increase the scope for a bigger drop to 146.95 Fibo (61.8%)

• USD/JPY Trader . Previous update

Weekly Chart:

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