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REVIEWWith the sell-offs in the global equity markets, the safe-haven yen has been holding strong for the past few weeks. We believe, that the big move on the USDJPY is still yet to come, as it is currently balancing on its long-term uptrend line that has been ongoing since September 2012.OUTLOOK (SCENARIO A / B)There is a good possibility that the Yen could strengthen against the USD and we could see a break of the upwards trendline that could open the path to lower levels. A strong move down towards the 108 mark could bring even more Bears into the game. This could push the price to 107.300 or even 105.550.If the recent lows will hold and we start seeing USD strengthening again, then a close above 109.800 on the daily chart, could show us a sign that this pair doesn’t want to give up and is ready for a move back above the 110 mark
