The multi year trend line from 2015 till present was broke overnight and spurred a massive move lower in JPY and higher XXXJPY across the board. This move hit the 50% retracement of the 2016 end of year highs to 2019 lows at the 111.45 level. But also, hit another trend line from 2016 to present day. The reason why we must note this trend line is that it is more symmetrical to the lower dotted trend line.
While we trade above the 110.30 level the risk if for further gains towards the 113.30’s. However, in case we close back below the 111.00 level tomorrow bulls would have to be cautious.