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The pair has fallen aggressively to trade at multi year low at 1.77 , lowest monthly close in 2013 has been 1.81 , so if the pair managed to close above that level , that would be a good sign for short term recovery. Otherwise , on monthly close below 1.81 , the pair will continue falling. For recovery on the daily chart , we recommend going long on daily close above 1.7880 area and targeting 1.8250 and 1.86 area. We have a falling trend line , a breakout plus breaking resistance at 1.7880 area will help the pair recover towards 1.90 ultimately. Happy trading ... for updates on this trade and other trading ideas follow me on twitter ; @boriology

The pair "usdjpy" has been on rally since yellen stated "the case for rate hike has strenghtened" , the pair rallied more than 350 pips since friday and it was supported by a trend line on the 1h chart. However the pair is currently testing the upper band of the downside channel. The pair has been in downtrend channel since january and is currently testing the channel up at 103.70-80¥. Trade recommendation : Short the pair at this point targeting 102.20 ¥ Stoploss if the pair closes the day above that area. You can wait for a break of channel and enter long . However put in mind the possibility of rate hike in september. we have two scenarios ; the first one is that usdjpy is going to respect the channel for the moment and pullback to trendline support on the hourly chart where 102.20 lies and rally again from the point and break the channel on the news of rate hike . The second scenario is the pair breaking the channel and testing the upper trend line of the