USD failed at breaking out

USD/JPY appeared to be very bullish the last couple of sessions, but it came all down to holding above 110.5. It managed to do so for a couple of hours, but in the end couldn't hold on. Precious metals finished their retracement and went back up, and the dollar lost steam. This tells us the dollar is still in a downtrend, and the recent bullish moves were but a correction in a bearish market.