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USD/JPY falls to fresh session lows underneath 148

Following on from the previous update noting the lurch lower in the US dollar, following the comments from the Fed governor, Chris Waller, the USD/JPY took it on the chin too. The USD/JPY dropped below 148 again and took out the earlier Asian low at 147.98. The drop to as low as 147.71 smacks of stops being tripped below 147.98 and comes as US yields fall on those Waller comments. The next support level of any note from here on is now at 147.15. but that is still some way south of the current price action. The 147.15 level represents a low set on November 21. The other point to remind readers here about; is to repeat what was said before regarding the prospect of a monster double top in place from the 2022 high at 151.95 and the high set on November 13, at 151.91. From now on, if the USD/JPY were to fall below 145 from here, then we could be looking at the termination of a 5-wave upside sequence that commenced way back in January, at 127.23. The USD/JPY has bounced a little now and is currently trading at 147.87
 

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