As long as price action stays within the longer term downward channel we will likely see a bearish move lower develop in the shorter term to target the 101.19 and 100.81 levels with room to extend further lower. There are multiple levels of interest to the downside, but the levels mentioned are probably the most important in the short to medium term.
The bearish move has unfolded nicely and our initial level has been reached at 101.19. Still looking lower for 100.81 to be hit.
Price action should stay within the downward trend channel to target the 100.81 level. There remains room to extend lower still.
Trade closed: target reached:
The USDJPY spiked lower to hit our target at 100.81 after dancing around for several days. Overall nice trade for about 300 pips.