The Japanese Yen increases again as the Nikkei stock index has dropped again and maybe will try to close the last gap up. It remains to see what will really happen because the Nikkei is pressuring a dynamic support.

Technically, the Nikkei is expected to drop further after the temporary rebound and should force the Yen to increase versus its rivals.

JP225 has failed to resume the upside movement and now is pressuring the lower median line (lml). I’ve told you in the previous days that it could retest the WL1 and the downside 50% Fibonacci line of the minor ascending pitchfork before it will drop further. Personally, I believe that it will drop again after a sideways movement and maybe after a failure to make a valid breakout above the WL1.

GBP/JPY has turned to the downside again after several failures to make a valid breakout above the median line (ML) of the major descending pitchfork and above the upside 50% Fibonacci line of the ascending pitchfork.

It could drop further only if it will make a valid breakdown below the downside 50% line of the major descending pitchfork. We have an important downside target at the downside 50% line of the ascending pitchfork and at the lower median line (LML) of the descending pitchfork.

EUR/JPY plunged below the median line (ml) of the ascending pitchfork and below the median line (ML) of the major ascending pitchfork. The next downside target will be at the downside 50% Fibonacci line of the ascending pitchfork.

Price moves somehow sideways, so maybe will be better to stay away and wait for a fresh trading signal, right now we don’t have a great selling opportunity because this could be only a temporary drop.