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The Yen continues to make lower lows and lower highs. Today, it briefly traded below August 2015 low (~116.20) and pierced 116 level which is an upper extreme of a strong 115.5 - 116 support zone.
The support zone is a neckline of a big head and shoulders pattern on the weekly chart. If it gives way, measured move would target 105 - 107 which also includes 38.2% retracement of the 2011 - 2015 uptrend (~106.65), 2013 high (~105.5) and October 2014 low (~105.2).
The support zone is a neckline of a big head and shoulders pattern on the weekly chart. If it gives way, measured move would target 105 - 107 which also includes 38.2% retracement of the 2011 - 2015 uptrend (~106.65), 2013 high (~105.5) and October 2014 low (~105.2).