Japanese Yen Testing Year Long Trendline

[B]Commentary:[/B] We wrote last week that “we expect the support line to be broken and for the USDJPY to continue lower next week.” The support line that were referring to was the line drawn off of the May 2006 and March 2007 lows.

The pair did not close below the line Friday but is below the line right now. The next level of potential support is the 4/19 low at 117.60. 119.30-119.80 is resistance.

[B]Strategy:[/B] Sell bounce to 119.30/80, target 117.60