USD/JPY: Further dip?

In my last post I discussed the potential for the market to retrace towards the 113 level and it does seem s though this direction is continuing, and therefore I am going to discuss what further decline I believe might be seen in the next few weeks.
 The other day I can't lie things weren't looking good as the market continued upwards and hit the next resistance barrier of the upper ends of 113. But the retrace did happen and if you were to have entered and stuck it out well I guess you got some dolla from it if you now closed your position.
What is interesting now is how far it will fall, the 113.008 was were I would of taken most of my profit to be honest if I entered and to my surprise we have fallen further with no holding position at the bottom of 113. After breaking the resistance the market is now faulting on the border og my long-term trend line I put in. This doesn't necessarily mean anything(as I could of drawn it wrong) but I believe it highlights the potential to discuss a further downtown in the next week or so.

The resistance level I reckon will be tested next should be around the 112.7 position based on previous market direction. However the fast-falling RSI illustrates the opportunity for a further fall as we see a vertical decline with no signs of a dip.
Within reason, I reckon the 111 region could be hit before the start of December and then depending how close the market flutters with the Bollinger Bands we can make a start at understanding where the rebound position might be.

Peace.

The Naive Trader.


TradingView, 2018.