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USDJPY Bearish Outlook
The USDJPY pair broke below the ascending channel and the neckline of a head and shoulders pattern last week, followed by a significant momentum weakness. Based on my personal analysis, I expect the pair to undergo a corrective move towards the broken neckline, where it also aligns with the 23.6% Fibonacci retracement level and the 100-period moving average on the 4-hour timeframe - both of which often act as support or resistance levels for the pair. After the bounce, I anticipate the price to resume its downward movement towards the 134.200 and 133.100 levels.
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