FX.co ★ Technical analysis of USD/JPY for June 16, 2016

USD/JPY broke through important support. A weekly close below 105.50 will be a very bad signal for bulls. The trend remains bearish as long as price is below 107 targeting 101-102 at least.

Green area - resistance

USDJ/JPY is in a bearish trend. Earlier today, it broke below a double bottom at 105.50 and below the long-term 38% Fibonacci retracement. That is why the decline towards 103-104 was so sharp. Next support is at 102-101.

The 50% retracement is the next target as long as the price is below 107. The weekly trend remains bearish as we have now broken below

the confirmed important low at 105.50. Any bounce towards 105-106 could be seen as a sell opportunity.