USDJPY remains in downtrend from 104.12. Further decline is still possible after a minor consolidation, and next target would be at 100.50 area.

Resistance is at 102.15, only break above this level will indicate that the downtrend had completed, then the following upward movement could bring price back to 1.0450 area.

Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the yen without a FOREX account.  The ETF looks to track the price of the Japanese Yen, minus ETF fee. The fund seeks to reflect the price of the Japanese yen with the shares representing a cost-effective investment relative to investing in the FOREX market.

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