USDJPY continues to move lower as price made a new lower low today below 103 which was our initial target. Trend remains clearly bearish as price is still inside the bearish channel. Bulls were warned with an previous analysis noting the bearish break down of a triangle pattern.
Red lines - bearish channel
Black lines - triangle pattern
In a previous analysis we warned traders of the triangle pattern in play. We mentioned that a break below the lower triangle boundary would accelerate the move lower towards our bearish target of 103. After just three sessions price has reached our target with potential to move lower still. Trend remains clearly bearish. Bulls will need to recapture at least 104.50-105 in order to hope for a trend change.