The US Dollar is at risk of deeper losses against the Japanese Yen after prices broke support at the bottom of a rising channel in play since early February. Support lines up at 101.28, the 61.8% Fibonacci expansion, with a push through that opening the door for a test of the 76.4% level at 100.87. Resistance is in the 101.61-72 area, marked by the 50% Fib and the channel floor. A move back above that on a daily closing basis aims for the 38.2% expansion at 101.94.
Prices are wedged too closely between near-term up- and down-side technical barriers to justify taking a trade at current levels from a risk/reward perspective. We will continue to wait on the sidelines for now.