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  • USD/JPY bears are in control with some way to go yet in the Stochastics riding in oversold territory.
  • The target lines are based on Williams Fractals as price tests the cloud support below the 23.6% Fibo.
  • A break of the 38.2% Fibo opens the 50% target with the confluence of the 31st Jan lows at 108.49.
  • However, a reversion back to 110.80 and cloud resistance could be first port of call.