The Yen is still in a strong bearish trend, specially after the break down of a significant Bullish Channel (see red lines) and a Symmetrical Triangle (see black lines). These are strong indications that this current bearish trend might resume.
But on the other hand prices are just too close to important historical support levels, such as: 87.14 ( low Dec 17, 2008 and Jan 21, 2009); 85.87 (low Nov 30, 2009) and finally 84.82 (low Nov 26, 2009). These are the lowest price levels since July 1995!
A Doji formation last Friday July 02nd starts to show a possible bearish exaustion. But it´s still early to determine if a bottom has been formed. Therefore we see possible selling opportunities below 87.37 and 87.14. Watch Out for all these historical support levels aforementioned!
------------------------------------------------------------
