On the weekly time frame, there are two possibilities at the moment regarding where dollar yen can move. Currently, price is at 102.53. The pair might target the 101.147 resistance turned support level before we could see a resumption of the up trend.

A break below that level might open doors to the 100 level.

However, we cannot discount an up move and a rebound from the 15 ema on the weekly time frame. With crisis like situations in the merging markets due to the Feds tapering, we cannot discount the fact that a flight to safety might bring the Yen back into demand.

 

To your trading victory!

~ Ardy