USD/JPY's Descending Travels Continue, Pierced Pre-Intervention Support (at 82.786, Chart)

USD/JPY just pierced through the pre-intervention low of 82.87. It is currently trading at 82.69. Watch for major capitulation to catch an upside wave. This channel reminds me of the Euro earlier this year. The Bank of Japan wants the Yen down but they are also fighting Fed policies.

Japan’s 10-Year Bond Futures Fall Most in a Month After Auction - Bloomberg
Dollar hits 15-yr low vs yen, falls broadly - Reuters

USD/JPY (US Dollar/Japanese Yen)

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