The USDJPY why pair fell during the course of the session on Thursday, after initially trying to rally. However, what is most important is that we broke down below the 102 level, which of course is supportive.

There is still quite a bit of support below though, so we feel that selling still can’t be done.

We are looking for some type a supportive candle below in order to start buying again, as we continue to meander around the larger consolidation area that we have been in for some time now.

We still believe that the 101 level is supportive.

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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