Lovely pair

[David]

I'm still bearish on USDJPY..

The pair's turn from the 100 SMA and the 76.4% fib of 108.60 - 95.71 was pretty decisive in my opinion, I also think that there are additional declines to come in the very near future.

The next major level of support is at 102.16, and below that, 100.60

One of the biggest reasons I think carry trades like USD/JPY will take a hit is the turn in the DJIA (second chart). The bullish sentiment in the equity markets that we saw, play out during March and April has run out of steam, and the DJIA turned on a dime at the 200 SMA while the May high of 13,132 ran headlong into former support.

Thank you!