Recently we have seen FX:USDJPY reverse from the Major Resistance Level @ 114.000 with Sellers taking back over bringing price straight back down from the Bullish run we had experienced.
This pair has been creating some really nice structure in this current Downtrend with a series of Lower Low & Lower Highs. I believe there is now opportunity to start selling this pair to see if we can encounter some new lows.
I do believe if we carry on creating structure with sellers remaining dominant we could see the next major support level of 109.000 being achieved.
We do have Interest Rate decisions tomorrow from the Federal Reserve with Interest Rates Forecasted to remain the same @ 1.25%, so we will see how the markets will react to this data release.