USDJPY Tech analysis by Simon Kazinsky on 02:50 June 10, 2016 EST
The Japanese yen is showing strength for almost a year now. After the massive QE injections by the Bank of Japan that ignited the wild ride for USDJPY in previous years the pair has reached exhaustion at least for the time being.
The pair recently crossed the line in the sand at 112 and my bias is now bearish. It will gain in confidence if US stocks start trending lower.
Above 112 will shift the bias neutral and above 116 will indicate that the bear cycle has ended.