USD/JPY has no technical support

Note: This section contains information in English only.
Source: Dukascopy Bank SA
The US Dollar has followed the technical patterns against the Japanese Yen. Namely, the pair has bounced off the upper trend line of a dominant pattern and passed below the support of a junior ascending channel.  

On Monday the rate was facing a strong resistance level a t the 110.70 level. There three SMAs together with a Fibonacci retracement level and the weekly PP. It is highly unlikely that this level will be broken.

Instead, the pair is more likely set to decline as low as the weekly S1 at the 110.50 mark. Afterwards, the weekly S2 at 110.23 should be targeted.
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