USDJPY remains in downtrend from 104.12, the rise from 101.55 is likely consolidation of the downtrend.

Resistance levels are at 102.15 and 102.55, as long as these levels hold, the downtrend could be expected to resume, and next target would be at 100.50 area.

Only break above 102.55 resistance could trigger another rise to 105.00 zone.

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen, minus ETF fee. The fund seeks to reflect the price of the Japanese yen with the shares representing a cost-effective investment relative to investing in the FOREX market.

Content curiosity of FOREXCycle