Yen Technical Outlook

[B]US Dollar / Japanese Yen[/B]

The USDJPY remains at risk of further losses as it has clearly reversed off of significant 200-day Simple Moving Average resistance and turned lower. The pair now finds itself at makeshift price floors of the 100-day SMA, but more firm support is seen at 3-month lows of 93.85. Said level roughly coincides with the 50.0 percent Fibonacci retracement of the broader 87.20-101.50 move and will likely provide a strong challenge for bears. Nearest resistance remains the 200-day SMA at 97.25.