USD/JPY broke 118.22 to target 118.45/41 and October lows at 118.04/00 and almost as far as 117.50/45. We are severely oversold but only stand a chance of recovery if we can at least stabilise above 118.00. We can then look for minor resistance at 118.32/35, perhaps as far as strong resistance at 118.60/70. This is the main challenge for bulls today but shorts need stops above 118.85. Just be aware of very strong resistance at 119.05/15.
A break below the day low so far at 117.69 targets 117.50/45 then 117.24/21. If we continue lower look for 116.85/81, perhaps as far as 116.65.