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USD/JPY Approaches the 2014-Low

USD/JPY is falling to start the week, breaking below some common support. It is now poised to test the 2014-low at 100.75.


(usdjpy daily chart, 5/19)

The daily chart shows the market with some room in to fall before testing a rising trendline from the March 2013 low of 92.60. 

In the short-term, if the market breaks below 100.75, it will likely first see support around the 100, psychological handle. 

The swing projection seen in the daily chart targets 99.35-40 area, which could be the next level to monitor if price falls below 100. 

At this point failure to break below 100.75 followed by a return above the 200-SMA and a pivot around 101.70 will be needed to threaten the bearish scenario. A break above 103 will be needed to revive the bullish continuation scenario.