Daily Forex Update: USD/JPY

The intraday USD/JPY traded slowly higher today as the Japanese Yen weakened against the U.S. Dollar thanks to traders selling yen amidst a bearish equities market (the Dow Jones closed 126 points lower). Such bearishness in equities, though, may be shifting – at least in the near-term – which we see from the USD/JPY’s break lower through uptrend line support (at 90.34 [S]) on the 30-minute chart’s Rising Wedge pattern.