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
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Trend: Bearish
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