(11 December 2020)USD/JPY The downside prevails.

<p>Pivot</p>
<p>&nbsp;(invalidation): 104.25 Our preference</p>
<p>Short positions below 104.25 with targets at 103.70 &amp; 103.50 in extension.</p>
<p>Alternative scenario</p>
<p>Above 104.25 look for further upside with 104.40 &amp; 104.55 as targets.</p>