USD/JPY Lower

USD/JPY appears to have discontinued the short-term upside trend as price decreased from last week's high of 114.26 to today's low of 110.48. Despite the rapid drop in price, the USD/JPY pair remains in its uptrend long-term channel that started in the end of June last year.

Currently, USD/JPY is trading at 111.17 and it seems that bears will try to test the support level resting slightly below the 200SMA at 108.40.

No major news are expected today so market participants might rely solely on technicals and price behavior in order for them to make investing and trading decisions.

Tomorrow fundamentals are also not playing a role so we can expect a silent consolidation around current levels.

Chart: USD/JPY D1