The USD/JPY has broken lower through the support of the symmetrical triangle pattern on the daily chart. As prices have pierced the uptrend line support at 89.80, the shift from neutral or non-trending to a bearish downtrend has been completed for the near term. The follow-through that would be expected from such a momentum breakdown relies on sellers pushing lower through key support levels. Looking to intraday charts to identify these levels leads to the initial, and most significant, near-term support to watch.

Note the trend that preceded the sideways accumulation market cycles was down as prices traded lower from the 101.45 high of April 7th, 2009. The subsequent lower highs at 99.77, 98.89, 97.11, 93.78, and, most recently, 91.91 show sellers' willingness to short at the upside corrections. It also clearly demarcates the upside resistance buyers will need to overcome in order to rally the market in the future.

Since the preceding trend was down, this breakdown is a continuation pattern as prices shifted from markdown to accumulation and now, potentially, to markdown once again. Whether prices can fully transition to a downtrending market cycle will depend on how buyers react at the all-important 89.00 - a major psychological level. From a technical standpoint, the breakdown was the more likely scenario since the Initial Trend reading was very high on the pattern alert. This high reading suggested that that the downtrend was still the dominant psychology of the market and its influence would point to a continuation.

The 60 minute GBP/USD continuation triangle (1) shows price movement converging between 1.5540 resistance (R) and 1.5390 support (S).  The question is, how soon will prices climb back to (R) after yesterday's downwards plunge?