Chart of the day: USD/JPY

Blake Morrow Forex Analytix

The last couple weeks the USDJPY has held above the 109.00 level which is also "channel support" and also the 50dma. However, with the recent breakdown in bond yields the risk is increasing the USDJPY (and other XXXJPY pairs like the CADJPY and EURJPY) make a move lower. A break below the 109.00 level could put the 108.30 in view rather quickly.

Author

Blake Morrow

Forex Analytix

Blake Morrow spent most of his professional career as the Chief Currency Strategist for Wizetrade group for 15 years, and then the Senior Currency Strategist for Ally Financial after the acquisition of Tradeking which owned the Wizetrade Group.

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