Last week's tumble in USDJPY was the perfect product of broad USD weakness and overall JPY rebound, as US indices dropped across the board. Friday's bounce from the 55-DMA is a familiar occurence for USDJPY (as was the case in late Nov 2021, mid April 2021 and October 2018). According to the latest report from the CFTC commitment of traders, overall net shorts in JPY vs USD continue to escalate (see B in lower left chart). This could follow the same pattern as that seen in mid 2017 (A). For more detail on this pattern, watch from 8:24 in this video.
The not-so-soon warning on USD decline is backed by the weekly DXY chart near 94.90s.
Finally, the daily and weekly charts of the Asian Dollar Index (provided by Bloomberg-JPMorgan) indicate a robust ascent with an imminent break to the upside. The importance of the ADXY lies in its close correlation with gold, especially during those confusing phases when DXY and XAUUSD moved in tandem. For an explainer on ADXY and XAUUSD, watch from 25:10 mins of this video.