USD/JPY has broke new ground this morning and now eyes supports down at 94.43 and 94.28. 94.43 was a spike low back from June 1 and 94.28 is the 50% retracement of the 87.11/101.45 range that has prevailed for the last six months. We’ve probed below that level one or twice but have never closed below. If we close below 94.28 today that would add dramatically to any fresh bearish outlook.
