What's up investor friends?

USD/JPY continues its long-term bearish trend for years. As can be seen in the weekly chart below:

During the whole month of January the pair was inside a bearish wedge, trying to break the 105.35 and 104.64 support levels, but only managed a false breakout, followed by an ascending movement during the month of February and breaking the wedge.

The pair is currently at a very important point, as it is very close to the downtrend line at 109.40. Undoubtedly a very strong resistance that has already been tested about 4 times.

The next hours and days will be crucial to determine the next move of the pair. The price action along with the candlestick patterns will indicate a nice entry.

In case we fail to break the resistance (which is most probable), the next downward move would be about 440 pips to the price of 104.50.