USD/JPY has recently broken lower following the recent sell-off in equities markets. There are some key signals to wait for before the downside move can be confirmed. Obviously, we have had the shooting star candle a couple of days ago but the trendline break will be significant. Elsewhere, the price has made its first lower high and a break of 112.30 would make a lower low.
The weekly RSI trendline has broken to the downside. If we see a confirmation of the move lower, look out for the 111.78 support level. The chart below then shows lower down the 50% Fib confluencing with some key previous support and resistance levels.
Zoomed in hourly chart of the trendline: as you can see if the trendline was on your radar it offered significant support.