Yen Technical Outlook

We wrote yesterday that “a drop below 107.10 could lead to a test of the support line near 106.40 (reinforced by the 6/11 low at 106.56).

   A break of that trendline would give us reason to get bearish this pair.”  The USDJPY has broken below the trendline, giving rise to the possibility that the entire advance from 95.72 is complete (A-B-C).  An advance into the 108.41-106.06 Fibo zone of 107.00/50 would present a shorting opportunity.
    STRATEGY: Get bearish near 107.20, against 108.41, target TBD