The U.S. Dollar has been oscillating in a very bearish channel since reaching a 6-month high on Apr 06. Prior to that, support had been sloping upward (as identified by the dotted white line). Price action, however, has broken this retired upward foundational level. Now, it appears as though the pair is trading against or possibly below the downward sloping level identified by the lower solid white line. Traders may want to reconsider any long USDJPY positions as it has become increasingly clear that the pair has exhibited very dire price action.
