USDJPY validates medium term Head and Shoulders pattern

The USDJPY cross has broken below the major 115.82-116.18 support zone, which includes various lows made since late 2014, the 38.2% retracement of the rise from 100.82 to 125.68, and the neckline of a bearish Head and Shoulders pattern that has been unfolding since November 2014. As such the cross should continue lower in the medium term and be sold on strength, as weakening momentum has just crossed the zero line.