USD/JPY Testing Important Support Zone

The USD/JPY is facing a trio of potential support lines at this time with few people bullish the USD/JPY at Stocktwits. What happens at this potential support zone, could well impact the Risk On trade from now until year end.

USD/JPY Weekly Chart

The trend in the USD/JPY remains down for the past few months, as the YEN has been stronger than the US$. The USD/JPY remains inside of a steep falling channel over the past 10-months.

The bottom of this steep falling channel and two other lines come into play as a support test at (1), as momentum is reaching oversold levels.

If support would happen to hold and resistance happens to get taken out at (2), it could surprise a few investors, as few are bullish the USD/JPY at this time.

What happens at support zone (1), could have a large impact on the currency and stock markets going forward!

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