USD/JPY breaks below 117.72 support, drop till 116.88 likely

FX:USDJPY   U.S. Dollar / Japanese Yen
271 0 6
USD/JPY             has broken below 117.72 support (which is 78.6 % Fib of of 116.08 to 123.76 rise), drop till 116.88 (Feb 2nd lows) likely.

USD/JPY             downside gained momentum after slump across European equities spurred a renewed wave of risk-aversion, raising the demand for the safe-haven yen.

The major dropped sharply to fresh five-month lows near 117.32 as recovery fizzled once again near 118.20 region.

Immediate support now lies at 117.05 (Feb 5 lows), while resistance on the upside is located at 118.30 ( trendline ).

Good to sell rallies around 117.70, SL: 118.30, TP: 116.80/116
Trade closed: stop reached
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