The USDJPY continues to trade lower, as the price maintains within the bearish channel.
Following the weakness of the DXY from the FOMC decision, the USDJPY reversed strongly from the 133 price level to trade down to the current price level and key support level of 130.
If the DXY continues to weaken, look for the USDJPY to break below the immediate support level of 130 to trade down to the next support level of 128, which aligns with the lower bound of the bearish channel.
However, as prices reach toward levels last tested in February, anticipate significant choppy price action
Following the weakness of the DXY from the FOMC decision, the USDJPY reversed strongly from the 133 price level to trade down to the current price level and key support level of 130.
If the DXY continues to weaken, look for the USDJPY to break below the immediate support level of 130 to trade down to the next support level of 128, which aligns with the lower bound of the bearish channel.
However, as prices reach toward levels last tested in February, anticipate significant choppy price action
