USD/JPY is lower in today’s session, currently trading at 112.31, a loss of 0.27% from Thursday’s North American close. The pair had appeared to be struggling to hold above the 113.00 handle in yesterday’s session and eventually broke solidly below, with a decline to test support at the February 17 reaction low at 112.62. With today’s move to the downside, this level of support has been broken, voiding what had appeared to represent a potential right shoulder of an inverse head and shoulders pattern. Thus, the current bias is to the downside. The next level of support and current target is at the February lows near ... (full story)