Our suspicion of JPY% weakness was correct, as was our suggested support level which has neatly picked the bottom of this move, at least in the short term. Depending on how strong the bounce is from this support is we should see further downside. The confluence of index resistance around the USDJPY 101.71 – 101.79 level will now act as a strong resistance if we get that far, but given the pace of Yen selling, things may simply make a polite bounce from support and continue falling back to the bottom of this long term range, highlighted in green and showing USDJPY 102.80 currently as the key level to reject from. I am bearish JPY% if USDJPY breaks above 101.80
**JPY% Index Resistance (USDJPY Support): USDJPY 101.79, 101.71, 101.19**
**JPY% Index Support (USDJPY Resistance): USDJPY 102.26, 102.80**
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