USD/JPY have entered into consolidation since February this year. Previous week currency pair bounced off resistnace close to 102.800 and dropped below key moving averages and broke down bull channel that is in tact since RedDogReversal that we had on 21 of May.
The longer it holds below moving averages (102.067-102.132) the higher is probability that it will go through 101.600, then 101.420 and can cautch some follow through with target at 101.000 where 200 EMA is situated.
The longer it holds below moving averages (102.067-102.132) the higher is probability that it will go through 101.600, then 101.420 and can cautch some follow through with target at 101.000 where 200 EMA is situated.