usd-jpy

USD/JPY – The pair has been unable to gain any upside momentum from the rally out from the 88.00 recent base with the market once again rolling over on Wednesday to put in a very prominent bearish outside day. This now suggests that a lower top is in place by 91.25 ahead of some renewed weakness back towards 88.00 over the coming sessions. A break below 88.00 should then accelerate declines to challenge critical support at 87.15. Only back above 92.30 would negate bearish outlook.

Written by Joel Kruger, Technical Currency Strategist for DailyFX.com
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