USDJPY's downward movement from 102.36 extended to as low as 101.10.
Further decline would likely be seen over the next several days, and next target would be at 100.00 area.
Resistance is at 101.65, only break above this level could signal completion of the downtrend, then the pair will find resistance around 102.00.
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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