USDJPY's downward movement from 1.2202 extended to as low as 118.33.
Further decline would likely be seen after a minor consolidation, and next target would be at 117.00 area.
Resistance is at 120.50, only break above this level could signal completion of the downtrend.
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 (USDJPY), minus ETF fee. The fund seeks to reflect the price of the Japanese yen (USDJPY) with the shares representing a cost-effective investment relative to investing in the FOREX market.
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