USDJPY breaks below 101.96 support, indicating that the upward movement from 101.32 had completed at 103.02 already. 
Deeper decline to test 101.32 support could be expected, a breakdown below this level will signal resumption of the downtrend from 104.12, then the following downward movement could bring price to 96.00 area.
Resistance is now at 102.45, only break above this level could trigger another rise towards 104.50.
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
You must be logged in to post a comment.