USDJPY has broken major support, watch for a bounce first!

USDJPY has broken major ascending support and Ichimoku cloud support triggering a strong sell off. We’ll need to wait for a bounce in order for price to be at a more attractive level. Our 1st major resistance is at 110.05 (Fibonacci retracement, horizontal overlap resistance) and a strong reaction could occur once again at this level to push prices down to major support at 108.87 (Fibonacci retracement, horizontal swing low support).

RSI (55) has made a bearish exit with good downside potential.
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