By: Dale Todd
USD/JPY got the test of the 91.27 high we mentioned yesterday in our daily report, topping at 91.38 before declining overnight.
That 91.27 level also happens to be the top of the 2nd channel of the LT angled up-cycle (dark green).
In the ST, the angled gray cycle looks complete or nearly so, making a retracement of the rally likely. The 4th channel extension target comes in at yesterday’s high of 91.38 (gray). Support is at 90.67, 90.51 and 90.14.