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USD/JPY Approaching Key Support Area

The slide in USD/JPY appears to be accelerating. I had the notion earlier this week to buy on a dip, but price action quickly proved that wrong.

As the price action goes in a falling-knife mode, I would not want to put any long position until it has found support. The market is not showing any as we start the 3/14 session, falling below 101.50. The projected support from February looks vulnerable here. Perhaps support will be at a lower level.


(USD/JPY 4H Chart)

The daily chart shows that the 2014-low at 100.70 will be coincident with the 200-day SMA and will be in an area of  rising channel support. A break of these support factors could be a sign of a shift from bull-neutral, to neutral-bearish. 


(USD/JPY Daily Chart)