The Japanese Yen backdrop remains one of severe pressure against the US Dollar, but, all the same, USD/JPY bull seem to be running out of puff. The pair’s latest rise looks to be faltering just short of the previous significant high. That was the 111.41 intraday peak, scaled on May 21. That level was almost reached once again on Tuesday but the Dollar closed below it on the day. Of course, that wasn’t long ago and the bulls may yet gird themselves for another try. However, as you can see from the daily chart above, upper bounds of the (blue) uptrend channel dominant since May 29 haven’t been tested for some time now. ... (full story)