USDJPY Jun 06 to Jun 10 Outlook
Y-1 area acted as support as expected, sending the pair above Y-0. But it failed to stay above Y-0 and dropped back down to Y-1. That started the continuation selloff sending the pair down to Y-2.
USD tried to rally against the majors and failed. JPY, GBP, EUR are gaining strength against USD. So, some kind of retest of the spike low before the G8 intervention is in play. Since they did it once back then there is no guarantee that they will not do it again.
Prefer to stay on the sideline for this pair, or, wait for an upside breakout of B-0 to break the down trend.