USDJPY breaking to the low (Lots of PIPS to catch)

Price broke a descending channel at 107.200 to reach a resistance level at ~108.000. At that price, the pair has bounced back lower from a strong resistance with indications that a downtrend is forming. We currently have an ascending channel/bearish flag which indicates an upcoming breakout to the bottom.

Price has also been heavily rejected at 107.850.