USDJPY has been trading in a steady downward move since May 13, 2021. The pair made a break below the 38.2% retracement of the upward impulse started on May 7 this morning but pressure has eased since. While the pair has managed to recover slightly during the past hour, technical outlook continues to favour bears. Invalidating downtrend structure would require a break above the 23.6% retracement in 109.40 area. Should the downward move resume, the first major support level to watch can be found at 109.07, where the lower limit of the Overbalance structure and 50% retracement can be found.
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