USD/JPY Down Again

USD/JPY is trading outside its major downward channel. As it appears, this is going to be the third day that price has been totally out of the trading channel and a fourth consecutive of losses. The pair is now trading at 100.60 with a high of 101.76 and a low of 100.19.

On the day of the Referendum results, the pair went below 100 and made a low of 98.95 making a bottom of almost 3 years as price was last that low in November 2013. With improving Japan economy and a strong Yen, all Yen pairs are feeling the impact and most of the rest are also below the trading channel.

First support for USD/JPY is seen at the last low at 98.95 while first resistance is the support line of the channel at 102.

Chart: USD/JPY D1