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Japanese yen gets a breather

USDJPY Tech analysis by Simon Kazinsky on 03:44 November 21, 2014 EST

We reported yesterday how the asian currency was getting clobbered from all directions. We also noted that EURJPY was overbought in the short term charts and that this was also true for USDJPY on short and longer timeframes. I concluded that a correction or at least a pause on the yen decline was due.

The yen recovers at this hour part of the ground that it lost yesterday and it is now the strongest currency for the past 12 hours but, considering the epic decline for the last two weeks this is just a scratch in the surface.