The Japanese Yen is still holding its own against the US Dollar, possibly one of the few currencies this week that is. Although the Greenback has been attempting to break the descending trend-line on the daily chart, it has been unsuccessful over numerous attempts for the past 2 months. The pair has now retraced to the 61.8% retracement level of the Bullish trend that began on February 2nd of this year and ended at the high of 84.17 6 weeks later...since that day in March the pair has more or less been falling. Once again price has tried to break out and go higher, and once again it makes an attempt on one day then falls right back to its starting point or even lower the following day. If the Greenback can over power the Yen and break (and close) above 80.145, which is the Weekly R1 and 50% retracement level, it might have a chance at turning the tables. If not, the pair will surely re-test the 61.8% level which is acting as support at 79.132 and head for the next probable reversal zone at 78.65 which offers strong support as the combined Monthly S1 / Weekly S1. At time of writing, the Weekly Pivot at 79.574 is offering up resistance for the pair, and could be the key level to watch for a Bullish break-out.
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Happy Pipping!