Hi rubberduck,The USDJPY is currently having a weak rally. Price...

Hi rubberduck,

The USDJPY is currently having a weak rally. Price is in the 30 min cloud
and bouncing from top to bottom causing the current whiplash. A breakout
in either direction is the short term direction.

I feel it still needs to test the blue on the weekly for support. That is not far
away at around 94.2 with current price at 95.5. But is means failing this
weak rally and the markets would view it as a good reason to drop.

If drops below the 94.2 then the markets will be watching. The short term
testing of weekly support will be very important to the long term. The current
support on the weekly SPI is 3617. The next 3510. Red and blue have
not crossed.

Ideally a quick drop of the USDJPY to the support and then a rally.
Support has failed at the 4 hr ( the last time I posted the chart), 8hr
and the daily. If the weekly support does not hold then we are simply
in a bear market. The next support is the double bottom low at 87.1

The high of 101.4 on 5 apr gives a current drop of 6%

Currently price is starting to drop out of the 30 min cloud, looks like down
to the weekly support.

Photobucket is down so no charts.