USDJPY
Market trading sideways in a 105.70 – 102.57 range after the 9 count sell signal on April 29th. Given the proximity to the upper reaches of the year-long downtrend channel, I still feel we are more likely to see a downside resolution played out over the next couple of weeks. Support through 102.57 remains at the key TDST line from the sell set-up at 101.71. A close below here suggests we will re-test the 95.78 lows going forward. Resistance above the 104.39 pivot point remains at 105.70 ahead of TDST resistance from the daily chart at 108.18 which I continue to favour not will be breached on a closing basis. The house view continues to be that the recent weekly close below 102.10 suggests the market will get to 80 before the USD bear can be considered over.