Technical Trading Tips and Techniques by 
(Please click on the accompanying chart to enlarge.)
As noted on last Wednesday’s Chart of the Day (click here to view), the USD/JPY was technically bearish, and was poised to continue its entrenched downtrend after just a minor upside retracement. As of early Monday morning in New York, this outlook appears to be coming to fruition as price has clearly respected the downtrend resistance line, plummeting two big figures all the way down to strong support in the process. Monday’s price action thus far has hit but not yet broken this support at 93.50. As noted on Wednesday’s Chart of the Day, if this support is broken convincingly, the next major target to the downside could potentially be in the 91.00 region.
UPDATE: As of early afternoon in New York, price has broken tentatively below the key 93.50 support region.