We are bearish USDJPY since 106 when it was first rejected at the key resistance trend line back at the beginning of this week. We noted the two important support levels at 105.90 and 105.35. Breaking below these two levels has confirmed our bearish view for a move towards 104.
Trend remains bearish and price could continue lower towards 103-102. Traders better take some profits when price reaches our target and lower their stops to 104.85 locking more than 100pips profit. We remain bearish. A bounce could be seen today but overall I expect USDJPY to continue lower.
