The USD/JPY is backing away from our 2nd tier uptrend line again as the Dollar appreciates across the board in reaction to China's repeated call for a new global monetary standard.  In the mean time, the USD/JPY remains the beacon for investor indecisiveness.

While bears are tempted to test the downside potential of the USD/JPY with the currency pair trading in a dangerous zone, the bulls continually come to the USD/JPY's defense to keep the currency pair from falling off a cliff.  The result is a relatively tight and moderate trading rage.  As for the immediate-term, it will be interesting to see how the USD/JPY interacts with June 23rd and 24th lows.

We've seen the USD/JPY play with fire before only to pop back above our 2nd tier.  However, if the USD/JPY is serious about a pullback this time, we could witness a near-term movement towards our 1st tier uptrend line.  After all, we have several trend lines reaching their respective inflection points today.  Declining volume supports a movement to the downside, yet the USD/JPY would likely need a large, corresponding movement across the marketplace to fall beneath May 22nd lows.   

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