USDJPY Bound For Another Leg Down?
The USDJPY pair appears to be poised for another drop as it forms a symmetrical triangle off a downtrend. As you know, there is a downside bias here since there is an overall bearish sentiment on the US dollar as of late. A breakdown from the symmetrical triangle may at least send it to its support at 98.25. Although judging from the height of the pattern, it has a downside target of around 97.75 following a breakdown. However, an upside breakout is also possible which would send it higher to at least 99.75.
