USDJPY broke below the symmetrical triangle pattern and reached as low as 76.40, a new all time low, suggesting that the long term downtrend from 124.16 (2007 high) has resumed. The subsequent bounce from 76.40 is treated as consolidation of downtrend. Range trading between 76.40 and 82.00 would likely be seen in next several weeks.
For long term analysis, USDJPY is in downtrend, further decline is expected in next several weeks, and target would be at 70.00 zone.
