USD/JPY continued sliding yesterday and today during the Asian morning, it managed to hit support at 111.65 (S1). The short-term outlook remains negative in my view and as a result, I would expect a move below 111.65 (S1) to open the way for the 111.00 (S2) area, marked by the low of the 11th of February. Looking at our short-term momentum studies, I see that the RSI turned down again and could fall below its 30 line soon, while the MACD stands below both its zero and trigger lines, and points down. These indicators detect negative momentum and corroborate my view that the pair is possible to continue sliding. As for the bigger picture, I still believe that the close below 116.00 has turned the longer-term outlook negative. I would see the 11th – 16th of February recovery as a corrective phase.