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USD/JPY reversal lower continues in Asian trading today

There was no rebound for the USD/JPY into the US close last night and the Yen continued to track the gains in the Yuan. The USD/JPY closed in the US at 148.39. It has fallen back again today from that lower US close. The dollar dropped to 147.25 at one stage earlier today, from a high point after the US close, at 148.42. It has lifted off that low now, but the downside is still the most at  risk by the looks of things this morning. The drop below 148 today continues to endorse what has been said here for some days now and repeated again yesterday. That is all about the monster double top formation in the longer term charts, at 151.95 and 151.91. So, having sliced through the 21 and 50 day moving averages by some distance now, the US/JPY is falling closer to its 100 day moving average. That is in place right now at 146.57. The USD/CNH is lower of course this morning too. That is a major driver for the further gains in the Yen right now. The USD/JPY is currently trading at 147.76
 

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