The USDJPY is challenging major triangle support.

The USDJPY pushed stops below the 106.00 level but managed to close the session back above the 106.00 key support. The fact that we didn’t close below this key level may give some bulls some hope of a near term bounce. However, in the coming days if we close below 105.80 the risk of a move to (or below) 104.63 is high.

Blake Morrow