The USD/JPY pair fell hard during the course of the session on Tuesday, but remains well within the consolidation area that we have seen. However, we cannot help but notice that this has made the Monday candle a “hanging man”, and that is a very negative sign. With this we believe that the pair will probably grind a bit lower, heading towards the 111 level. We are not looking for some type of meltdown, we think that the negative pressure will continue in the short-term. With that being said, we are bearish but only for the next session or so.
