The USD/JPY pair has continued drifting lower, pushing down below the 50-day MA and the 50% fibonacci level of the previous rally. The short-term trend is in doubt after the strong rally recently, although the bears seem to be getting the upper-hand now. The recent decisive break below the major trend-line at 99.70 on the 12th September was a bearish sign. The breakdown out of the channel was also bearish and generated an as yet unfulfilled down-side target of 97.40. With the down-trend reasserting itself now, its possible the pair could reach its target, although the monthly pivot at 97.95 offers a closer objective. The medium-term trend is sideways as a potential triangle completes, with the possibility of a breakout and much volatility on the horizon.