USDJPY weekly analysis

9 thg 6, 2018This week USDJPY didn't do much. It did a pullback and retest at support turned resistance at 110.034, and this is the area at which we started to look at bearish sentiment in market. This level was a great place to start to go bearish. This coming week we may see the price do a retest of the same level again. And if that happens, we have a very good opportunity to enter short. We then may look at our first target at key area of support 107.883. If the price moves down further, we may be looking at the next level of 107.319 as our next target.
Even if the USD will be strong next week, JPY is still stronger. So, we still look for going short.
As long as we are below the area of 110.034, we are looking and favoring to go short.