USDJPY takes a quick turn to the downside and bounces off trend line | Forexlive

The USDJPY took a quick turn to the downside.

Earlier off the CPI, the price moved above a topside channel trendline near 147.25. The price high moved to 147.666. When the price fell back below the topside channel trendline at 147.25, buyers turned to sellers and the price raced all the way down to 146.42. That was right at the lower channel trendline. The price has since bounce back up to 147.19 currently.

Traders in the USDJPY may be influenced by potential for verbal or actual intervention from the Bank of Japan. They also seem to be influenced by the technicals and more specifically the channel. The low price also stalled near the high price from earlier yesterday near 146.38