FX:USDJPY U.S. Dollar/Japanese Yen
USD/JPY slid after the bad pattern that we covered yesterday. This bar pattern could still lead the price lower in today's London session but it might take a breather before proceeding, as the indicator and ( ) are currently in oversold territory. The long term trend is still down as the price remains below the 200 period golden moving average and note that at the time the price formed the bar pattern, the indicator and ( ) where in extremely overbought territory, which increased the odds for this setup to work out. We could still see the price decline in today's London session and the lower band of the could serve as a target for sellers to take profits.