USD/JPY continues to move within a symmetrical triangle, but a breakdown is favored as the Nikkei stock index plunged aggressively today. JP225 reached the 19700 major static support and looks too heavy to be stopped, a valid breakdown below this level will signal that the Yen will dominate the currency market in the upcoming weeks.
Price approaches the downside line of the symmetrical triangle and the 50% retracement level, a breakdown will send the rate much below the first warning line (wl1).
