Jamie's Pick: 06/20/12
The divergence between yields and the USDJPY (new record low in yields but not in USDJPY) has been covered extensively in recent weeks as has the bullish technical condition of the USDJPY by itself. A solid base seems to have formed since mid-May, the low for the month is on the first of the month, and former trendline resistance acted as support last Friday. In the event of a QE3 negative reaction, I would look for 7850 to hold as support but I am bullish USDJPY against 7765.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.