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USDJPY: Channel Bottom Still in Play

USDJPY: Channel Bottom Still in Play

2010-07-07 09:53:00
Ilya Spivak, Sr. Currency Strategist
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USDJPY has dropped below major resistance-turned-support at a falling trend-line established from the swing top in April 2009 to settle at the bottom of a downward-sloping channel that has confined price action since early May. I continue to treat the current downturn as a buying opportunity in line with my long-term fundamental outlook, monitoring prices for an actionable long entry setup.

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