USD/JPY has managed to escape from the triangle pattern signaling a further decline in the short term. I’ve told you in a previous analysis that the pair could activate a strong downside movement after dropping below 105.33 static support, former low.
So, the current breakdown from the chart pattern announces a drop at least till the 105.33 level. A drop below this downside obstacle could indicate a decline towards the 104.31 low.
USD/JPY Trading Tips
Sell from below 105.33 with a potential downside target at 104.31 level. You should place your Stop Loss order somewhere above the former highs, above 106.30 level.
Source : USD/JPY Setting Up For Deeper Drop!