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USD/JPY- Falling channel intact despite Abe’s stimulus talk

FX:USDJPY   U.S. Dollar/Japanese Yen
Hourly chart- Falling channel

Breach of rising trend line followed by a breach of rising channel to the downside, falling channel

Channel support could be put to test

Pair’s retreat from the high of 105.56 to a low of 105.12 in last couple of hours despite stimulus talk by Abe             suggests the spot is at a risk of a re-test of yesterday’s low of 104.19. The level could be breached and the falling channel support at 103.52 could be put to test.

On the higher side, only a hourly closing above falling channel would suggest trend reversal and may help the pair cut through strong resistance at 106.64

Japan stimulus details

PM Abe             informed us today – Economic stimulus to be in excess of JPY 28 trillion
JPY 13 trillion would be on fiscal measures
Only JPY 2 trillion earmarked for this calendar year
Cabinet due to approve the stimulus on August 2
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