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USD/JPY Tests Support Again

After an initial bullish reaction to US data yesterday, USD/JPY fell further from this week's high of 102.36 to make a week's low at 101.35. 

(usdjpy 4h chart)

The 4H chart shows the pair reaching a previous support area at 101.20-101.31. Here we are again. Will this support hold again?

The daily chart shows that below the 101.20 support, the 2014-low was a spike down to 100.75.


(usdjpy daily chart)

A break below that should extend the bearish correction at least with the 100, psychological level in sight as well as a rising trendline that comes up from April 2013's low of 92.60.

At this point a break above this week's high at 102.36 will be needed to bring the 103 handle in sight. For now, the 103 level and a falling trendline is holding back the bullish outlook and keeping the market neutral.