The USDJPY continues the consolidation today as fireworks explode in the other currencies. The high to low range is only 28 pips (was 20 yesterday so I guess I should not complain). The price also stays below the 100 hour MA (blue line in the chart above). Until that point when the price can move above the 100 hour MA and stay above, the bears will remain in control.
The downward sloping trend line has been overtaken but that is just because of the sideways market. If the price should move back below the broken trend line, and the low for the week at the 77.94 level, the next target becomes the 77.65 which was the low from June 1. The low for 2012 is 76.01 on February 1.
