USDJPY broke above 102.00 resistance, indicating that the downward movement from 103.02 had completed at 101.43 already.
Further rise could be expected, and next target would be at 102.40 area.
Support is now at 101.43, only break below this level could trigger another fall towards 96.00.
Editor’s Note: Equity investors/traders can use the Currency Shares Japanese Yen Trust (FXY, quote) ETF to take positions in the USD/JPY 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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