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USDJPY - this week's technicals and trade strategy

Bearish signals for USDJPY in each of the last 2 weeks have been confirmed, investors selling the market last week for a loss of 1 ½ Big Figs. A Head & Shoulders reversal pattern has been identified at November’s 114.73 top which has a target near 111.25. Before that there is support at the 200 week average rate (112.05), as well as at the 100 & 200 day average rates (111.76). So with some caution and with the potential for bounces the outlook for this week remains bearish, selling modestly on the open and then at 112.73, Thursday’s low with a stop loss at 113.33, Thursday’s high. Targets are to 111.47/65, the 8 week lows, 110.80, the 9 week base and 109.33, the last 10 week Marabuzo line.