Despite the gains in yields, the USDJPY traded higher and lower for most of the week until sellers took more control in trading today. However, after the decline has moved down to a support area between 141.64 and 141.942, the fall slowed and buyers have stuck a toe in the water.. The low price reached just above the high of the swing area at 142.04. The price has bounced.
The next upside target comes near the 144.45 area. Move above that level and that could be additional short covering in the pair.Absent that, and the sellers are still more in control.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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