USD/JPY Weekly Chart Broke Below November Support (84.74), Trading at 83.76 (FXY)

Nothing new here, just showing that USD/JPY (US Dollar/Japanese Yen) broke the critical 84.74 support level from last November. On August 30, the Bank of Japan's emergency meeting and Yen intervention rumors attempted to save that level, but failed. I don't see any support on USD/JPY going back 2.5 years, so who knows if the BoJ intervenes to save Japanese exports (Japan machinery orders up 8.8 percent in July - AP) or not.

The descending channel and 84.74 ceiling resistance are major structures to break in order to get long in size (in my opinion). 400x leverage? Patience might be required. If USD/JPY doesn't break descending channel resistance by year end, it could trade as low as 78. Check out the weekly chart of USD/JPY. Unfortunately I could only go back to mid-2008 on this chart but it still works. Oh and watch JGBs (Japanese Government Bonds).

USD/JPY (US Dollar/Yen pair) - Courtesy of