The USD remains under huge pressure and the next major event for USD/JPY is likely to be a test of the double bottom at 87.10. Personally I think we will not only test this level soon but also break below so I am suggesting an 86.00/90.00 trading range for the coming week with a bearish bias. There has been lots of talk from central bankers and treasury officials around the globe that the USD remains the number one reserve currency but as we saw with the IMF numbers yesterday, central banks are not practicing what they preach.
Good luck today.
