USD/JPY has, in my opinion, broken out of its medium term consolidation and has returned to its dominant downtrend. There is certain to be a period of consolidation above the 87.10 double-bottom but I feel sure that this level will be breached before the year is out. Selling rallies back towards 91.00 is my strategy here. EUR/JPY broke lower yesterday and all that is needed now from a technical perspective is a daily close below the 200-day MA at 129.50. I’m looking to start building a short position between 132/133 for a big move lower.