USDJPY - 240 - A bit lower?

Quick idea.

After yesterday's strong slide, due to a change in the risk sentiment from risk on to risk off, USDJPY is now drifting lower. But this move lower could be classed as a temporary correction, before another leg of buying, because the pair is still above its short-term tentative upside support line drawn from the low of October 31st. But we need to wait for a break below yesterday's low first and only then we will aim towards the aforementioned upside line.

Please see the chart for levels and targets.

Don't forget your stop-loss.