USDJPY: Very Bearish Sentiment

USDJPY had been consolidating significantly since mid-December, trading within a large horizontal range on a daily timeframe.

However, following the release of certain fundamental news, the currency pair appears to have a strong bearish outlook.

The breakout below a support line within the range suggests that a bearish accumulation phase has been completed.

This could lead to further declines, with attention now turning to the next support level at 154.4.