The USDJPY pair tested the descending channel's resistance and settles near it now, to keep the correctional bearish bias valid until now, and the price needs to break 114.54 level to support our expectations of continuing the bearish trend in the coming period.
Thus, the decline will remain expected on the short term basis, and the next target is located at 112.00, noting that surpassing 115.10 to the upside will lead the price to achieve gains on the short term basis, and heading towards 118.66 mainly.
Support & Resistance:
Support 114.54 114.05 113.20
Resistance 115.10 116.00 116.50
Recommendation USDJPY is negative below 114.54, target at 113.00, risk limit above 115.10.
Reverse scenario The USDJPY will be positive above 115.10, target at 116.00 then 117.00, risk limit below 114.54.
Thus, the decline will remain expected on the short term basis, and the next target is located at 112.00, noting that surpassing 115.10 to the upside will lead the price to achieve gains on the short term basis, and heading towards 118.66 mainly.
Support & Resistance:
Support 114.54 114.05 113.20
Resistance 115.10 116.00 116.50
Recommendation USDJPY is negative below 114.54, target at 113.00, risk limit above 115.10.
Reverse scenario The USDJPY will be positive above 115.10, target at 116.00 then 117.00, risk limit below 114.54.
