USDJPY is facing 102.72 resistance, a break above this level will indicate that the uptrend from 101.32 has resumed, then the following upward movement could bring price to 104.50 area.
On the downside, as long as 102.72 resistance holds, another fall to re-test 101.20 support is still possible.
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.
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