Technical Analysis - USDJPY flirting with important downside pivots

• USDJPY has come under steady pressure since failing near the 61.8% retracement of the March range at the start of the week
• Our near-term trend bias is lower while below 120.90
• Gann levels at 118.70 and 118.40 look critical and a move below them is needed to spark a more serious decline
• A minor turn window is eyed today/tomorrow
• Only a move through 120.90 would turn us positive on the exchange rate

Trend:

• H4 - ranging bearish
• D1 - ranging bearish
• W1 - ranging bullish
• MN1 - bullish