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(Please click on the accompanying chart to enlarge.)
As of Tuesday evening in New York, price on the USD/JPY daily chart, as shown, has been characterized by substantial yen strength. Price has recently bounced up off of the significant 100.00 region (marked “A”) after having retreated from a significant downtrend resistance line (marked “B”). Support to the downside not only includes the above-mentioned psychologically-important 100.00 region, but also the long downtrend line (marked “C”) that originally acted as downtrend resistance before transforming into support after breakout in June. Any clean and fast breakdown below these two support factors, which would signify burgeoning yen strength, could eventually target major long-term historical support around the 95.75 region (marked “D”). Any yen correction for Wednesday and/or the rest of the week, on the other hand, should continue to treat the downtrend line at “B” as strong resistance to the upside.
UPDATE: A tentative breakdown of the key 100.00 level has indeed occurred as of Wednesday morning. As mentioned above, if downward momentum continues on this break, price could eventually target the 95.75 region.