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USDJPY : Still Seems Supported, Losses are Limited

USDJPY : Hourly Chart

USDJPY today confirmed the downtrend by breaking below the descending triangle trend on the hourly chart. The immediate support it may find is at 106.98 however if it continues to decline the next nearest support would be at 106.84 or from the 100 day SMA.

USDJPY : 4 Hour Chart

On the 4 hour chart, the pair seems like trading within an ascending triangle and currently testing the resistance at 107.35. There is also a rising support trend line which will prevent the pair declining below it. So US dollar seems to be supported against Japanese Yen. So losses seems limited on the pair.