The USDJPY is developing a wedge.

The USDJPY is finding support at the 50% retracement of the March lows to March highs at the 106.45 level, but we are also forming a bearish wedge with lower highs and consistent low which risks a break lower as long as the 107.00 level holds. The move could take us to the 105.20 61.8 Fibonacci retracement, but watch the RSI which has been very flat and could tip us off for a breakdown.