USDJPY managed early today to break below the support leverl of 110.80 which, may activate a new downtrend wave as we discussed last week.
The market is facing first resistance points at 111.05-10 where, as long as the market holds below, a larger drop towards 109.50 and maybe 108.15 may occur.
Above 111.10 the market may have the chance for some rebound correction, where another resistance point lies at 112.10. This may in turn activate the drop wave toward 109.50 and 108.15.
Above 112.10 the market may head back again to re-test 113.70 zone.