[JPY] Modifying support line to 101.50s

USD/JPY 4-hour chart, source: forexfactory.com

The currency pair USD/JPY fell under 102.0 and attempts to rebound at some 101.70. The expected support line at 102.50 should be modified to 101.50s. I'm not a prophet and my forecasts are used to fail. But I'm afraid I didn't watch 4-hour chart more carefully. And I hope to emphasize the risk management than the accurate prediction, again.

If there appears no economic events such as Brexit, JPY goes downward and the chart of USD/JPY high. The band around 101.50 is supported in 2014.

There isn't significant pattern double-bottoms, reverse head-and-shoulder or V pattern therefore the expect based on the technical analysis is not appropriate yet.

Japanese vernacular press said Japan's reserve money broke through 400 thrillion yen, or 3 trillion 940 billion U.S. Dollar on Tuesday. It means Bank of Japan issued money some 3 trillion U.S. Dollar. Kuroda, governor of BOJ tried the inflation in Japan. But his effort is not successful yet.

In this situation one of the major currency pair, EUR/USD trading is recommended. It raises it bottoms midly shaping rising triangle pattern instead the unstable wedge pattern.

Of course, there is always the possibility of down turn.

Meanwhile Sterling continues to be weak since English's decision of leaving EU. In this morining, currency pair, GBP/USD plunged 1 percent to 1.3115 Dollar. It's record low since 1985. Sterling fell on the Referendum day.