The USDJPY broke below a critical support level a few weeks ago. I wrote about the 103.60 area on December 9th. A few days later, USDJPY bears cleared that level following the December 18th weekly close. However, the pair is still holding above a key level on the weekly chart. You can see how the 103.00 handle has triggered bounces since early November. Until USDJPY closes a week below 103.00, the downside is limited. If you’re a Daily Price Action member, you know I haven’t been a fan of trading the USDJPY for a long time. Although the pair has trended lower since last February, the price action hasn’t been ideal. (full story)