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USD/JPY fast approaching channel support

FX:USDJPY   U.S. Dollar/Japanese Yen
As anticipated on Monday in a post titled "USD/JPY - Fed Scenarios", the spot now appears on track to test channel support.

Resistance – 104.36, 105.55, 105.90

Support – 102.60, 101.70, 100.72

  • With BOJ holding fire and Fed’s cautious stance forcing markets to reconsider the possibility of rate hike in 2016, there is little in the way of Yen bulls.
  • The spot appears on track to test channel support at 102.60.
  • Sharp rise in Yen is pulling crosses lower and leading to broad based USD weakness as well. Against Euro             , the Yen is now trading at highest level since early 2013.

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