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Short

Look For Further Weakness In USDJPY

FX:USDJPY   U.S. Dollar/Japanese Yen
USDJPY             broke below major support by closing under 118.40, a level that supported the uptrend on a closing basis for over a year.

Not Including the late-August whipsaw low of 116.18, this creates a sequence of lower highs and lower lows. USDJPY’s multi-year uptrend is ending. The current trend is increasingly likely to bounce, and we recommend selling strength. We see major resistance at 121.80

USDJPY             weekly chart shows a bearish cloud cross. It's showing signs of weakness as the ichimoku cloud just crossed and the cloud is officially in a bearish position. This happened with RSI breaking support and showing a bearish momentum.

USDJPY             may trade down to the 100wk moving average and the bottom of the rising cloud at about 114-115.50. Given the triangle top, a measured move suggests 112 is even a possibility. A rise to the 50wk average and top of the cloud at about 120.75 would be a great place to go short, in our view.
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