The US dollar fell against the Japanese yen during the session on Thursday, testing the 108.50 handle. This is an interesting level for me, as it is the bottom of longer-term consolidation. If we close below this level on a daily candle, I believe that the market goes down to the next major support barrier, the 105-level underneath. Alternately, if the market bounces from here, we will probably go back towards the 109.50 level. Given enough time, the market should make its intentions known, as we are at a very important level on the longer-term charts.
Written by FX Empire