FX.co ★ USDJPY continues lower but with warning signs for bears

USDJPY has reached finally our target of 103 and now is trading below it. Trend remains bearish as price continues making lower lows and lower highs.

USDJPY is forming a downward sloping wedge pattern. The upper boundary resistance is at 104 while the lower boundary is at 102.60. As per our past analysis posted in the end of November, our target has been achieved so now we would like to lower or short exposure and we would change to neutral if not bullish if price breaks above 104.