We’ve seen several repeated failures to see a rally in the USD/JPY for 2015. While most of them resulted in new highs for the year, the latest attempt fizzled out at 125.27, far below the 125.84 high seen back in early June. This spells trouble for USD/JPY bulls.


But what about the downside? The most recent attempt to breakout lower was stopped by the ascending trendline near 116. That trendline has now moved up to 116.15. To be fair, the range between 116 and 125 is fairly large. But I can’t see a better forecast then for prices to remain flat in September, boxed in between the two forces outlined above.

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