USDJPY is now in downtrend from 102.72, and the fall extended to as low as 101.96. Deeper decline would likely be seen in a couple of days, and next target would be at 101.50 area.

Resistance is now at 102.72, only break above this level could trigger another rise towards 104.50.

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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