USDJPY: Sell Trade update

The break of 110.60 confirmed the near-term top formation, ensuring corrective phase entered to serious selling. After the quick break of the 2-month ascending trendline, the price has furthermore broken its 50-day moving average which paves the way towards 109.40. This suggests that the downtrend is set to reassert itself as the daily RSI study unwinds a series of bearish divergence that formed between 110.00-111.39 levels. The shift in sentiment indicates that rallies to resistance at 110.00 and 110.80 should attract selling interest with support against the May 04 low at 108.65. Below here the focus will move down to 108.00 its 50MA.
Before NFP, we had forecasted USDJPY sell trade currently sits at 1.50% profit. We suggest taking profit at the current market price.