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USDJPY is once again threatening to break out...>

YEN
YEN: USDJPY is once again threatening to break out of its range to the upside,
with the July 3 high of 111.14 the next level of resistance, and the downtrend
going back to January 2017 at risk should the May 21 peak of 111.45 give way.
The yen weakness is happening in spite of the recent narrowing of US-JP real
yield spreads, as the global bounce in risk assets provides a tailwind. 
- EURJPY has broken above its 100DMA today and continues to slice through
resistance levels. The 200DMA at 131.36 is the next level of resistance with the
market currently at 130.48.
- KRWJPY is clinging on to resistance-turned-support following this morning's
bullish break of 9.955, as the KRW underperforms the region with the exception
of the yen. 
- AUDJPY remains at the highs of the day around 83.00 following yesterday's
break of its 100 and 200DMAs. Bulls will eye 84.50 as the next significant level
of resistance marking the June peak and the downward sloping 200DMA.  
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