USD/JPY Technical Analysis: Probing 2.5-month rising trendline

Omkar Godbole FXStreet Contributor

USD/JPY has dropped to 111.22 - the support of trendline connecting the Jan. 3 and Jan. 31 lows - and could extend the slide toward 111.00 as the RSI on the 8-hour chart is reporting a bear flag breakdown, a bearish continuation pattern, which often ends up accelerating the preceding bearish move.

Notably, the RSI is now reporting bearish conditions with a below-50 reading.

8-hour chart

Trend: Bearish

1. R3 111.94
2. R2 111.79
3. R1 111.61
PP 111.45
1. S1 111.27
2. S2 111.12
3. S3 110.94

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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