Prepared by Jamie Saettele, CMT
"Technically, the USDJPY needs to overcome 8147 in order for the series of lower highs since April to be broken. This area is likely to prove formidable as it is reinforced by the 200 day average (currently 8175)." We've yet to reach that level as price was turned back at the 50 day average / lows in May and June. Until price can overcome 8147, I am skeptical of attempts to prop up the exchange rate.