USDJPY broke below 111.65 support and extended its downside movement from 114.73 to as low as 111.06. Near term resistance is at the falling trend line on the 4-hour chart. As long as the trend line resistance holds, the downtrend could be expected to continue and next target would be at 109.50 area. On the upside, a breakout of the trend line resistance could bring price back to next resistance level at 112.71. Above this level will confirm that the downtrend is complete, then next target would be at 113.90.
