USD/JPY Daily Chart

Here is a zoomed out daily chart of the USD/JPY currency pair. As you can see the recent bearish price action does not at all look impulsive. This means that there is likely to be a push upwards over the coming weeks, most likely to at least 101.00. Daily studies are currently oversold, however this does not mean there will not be some further initial downside, so place stops accordingly.

Here is a zoomed in shot of the above cross section. As you can see the support line at 87.20 was easily and decisively broken. This reflects a weakness in the USD and is a reason to be cautious if purchasing any long positions in this pair.