 Hello. Welcome to this week's CMC Markets Currency Snapshot with myself Jasper Lawler. We're going to be looking at dollar yen. There's been a pretty massive development in the U.S. dollar. We've heard comments from the Fed's Bill Dudley that sort of indicated that the Federal Reserve are not so keen to rise interest rates this year while there's so much turbulence in financial markets, he referred to it as financial tightening. And then on the flip side, we had an attempt from the Bank of Japan governor, Koroda, to try and talk down the yen, but it completely failed. And so that's why we want to look at the dollar yen pair here and look at the technical chart setup to see where this could head next. Now, it was a drop in the dollar across the board. We saw the British Pound Rally, the Euro Rally to levels we've not seen in months. But it was particularly notable the drop in the dollar yen, because there had been some deliberate attempts from, as mentioned, Bank of Japan Governor Koroda, in which he suggested that actually they could cut interest rates further into the negative after their recent meeting in which they cut into negative rates for the first time. And he also suggested they could do extra quantitative easing. So a real attempt there to suggest that more monetary easing was on the way, that normally weakens the yen. It completely failed to do so. The dollar yen dropped sharply. And we're now heading towards an important technical support level that we're going to look at in a bit more detail now on the chart. So this is a weekly candlestick chart for dollar yen. Now, you can see we had this rising trend line, which has been touched three times. It's fairly clear cut. And we've seen a sharp pullback away from there. So it's a successful retest of this broken rising trend lines. We broke it, we've come back, tried to get through, failed to do so. Now we're heading pretty quickly back down towards this 116 level. Now, that's pretty massive support. That's been supporting the price for the bulk of 2015, the early part of 2016. If that gives way, because of the steepness of the rally that preceded this sideways movement that we've been in for the last year or so, there isn't really much in the way of support. And we could fall pretty sharply towards the 110 round number handle, which is a peak that we reached midway through 2014. So that's it for this week's CMC markets currency snapshot. We're looking at dollar yen, of course. It's really just a big one of watching out for this 116 handle. If that breaks, we could see pretty sharp move to the downside. If it holds again, we're still in our range. We could push up to the upper end that we've been trading in in the last year or so. What can trigger it? We need to hear more comments from the Fed. We need to look out for what happens at the next Fed meeting and what the Bank of Japan can do to try and to fight against this recent dovishness from the Fed.