USD/JPY has been the most confusing dollar cross as other have rapidly depreciated against the dollar whilst the Yen has done the inverse and actually Appreciated! All thing being equal, the global equities sell off and corrections could spell pure investor fear causing large funds sucking up lots of Yen in Anticipiation of a Market Drop. The 106.50 Key weekly...
USDJPY is showing some bearish divergence. With prices hovering around the 76.40% region and prices losing steam to break higher. I expect prices to head down to around the 61.8% region.
The jappy has proven itself to be the safehaven zone for many traders after all the events surrounding Brexit. A good scalp position holds as USDJPY heads up to an area of resistance and trend line. It may also head down at 102.491, as it's right at a significant trendline and 76.4% fib levels. I expect the pair to continue to fall lower in the future