USDJPY dropping out of range

Sunday I did not give a short direction for the USDJPY based on Ichimoku Cloud analysis. However today USDJPY dropped and closed below the low (close) of the 1st of June. In fact, the last time it closed this low was on the 13th of February. In effect the Chikou has also broken out of the price range it was caught up in and is now looking at "open space", while all the other Ichimoku parts are also indicating that lower prices are more likely then higher prices. I will be looking to trade the rebounce of the price off of the 78,00 level. I suspect previous support will become resistance as sellers will float the market at this level. On the chart I indicated the possible move of the price back to the 78,00 level and then down.

USDJPY - Start of another leg down?

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