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USD/JPY Down Channel!

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USD/JPY dropped significantly and is almost to react 109.23 low. The outlook is bearish as long as it stays within the down channel's body. It could resume its drop as long as it stays under the downtrend line.

Dropping below the 109.23 level could signal a potential drop towards the channel's downside line. The downside scenario could be invalidated only by a breakout above the downtrend line.

Trading Conclusion!

USD/JPY could register a larger decline if it drops under the 109.23 level. Dropping below its former lows indicates strong sellers.

The material has been provided by InstaForex Company - www.instaforex.com