USD/JPY Broke Support

The pair is having a free roam tour below the long-term uptrend channel. Prices are currently gravitating around 116.60-116.70. However, almost a perfect double bottom could be seen on the daily chart at 115.95.

With the long-term trend broken, the only hope for the bulls now is for that double bottom to hold and push prices up again.

Should we see a break and a close below 115.90 this would indicate that bears are taking the driver's seat and USD/JPY will continue dropping in price.

Uptrend resistance: 117.80

Chart: USD/JPY D1