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USDJPY@ 104.59 - bearish bias – Posted a 22-month new low

FX:USDJPY   U.S. Dollar/Japanese Yen
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USDJPY@ 104.59 - bearish bias – Posted a 22-month new low

USDJPY             reversed off the 111. 44             high (May 30, 2016 weekly lower high) below the 105.54 prior low (May 2, 2016 weekly low) to post a new 22-month low at 103.55 (May 13, 2016).
Near term over-sold conditions warn of bounces. While the 105.54/106.20 (May 2, 2016 weekly low/200 week moving average) area caps, scope remains for further downside towards 101.06 (July 7, 2014 range low) near 50% retracement of 77.13/125.85 (September 10, 2012 low/June 8, 2015 high) upswing.
However, a clean upside break back above 105.54/106.20 would stabilize the structure and extend further consolidation with the 6-month falling wedge pattern under the 109.11 area.
Outlook:
Intraday: bearish
Daily: bearish
Weekly: bearish
Monthly: neutral
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