The USDJPY has been trading steadily to the downside, primarily due to the weakness of the DXY.
As the USDJPY found the 130.50 price area (78.6% fib level from the longer term) overnight, price rebound slightly but continued to consolidate at the 131.20 price level, with the resistance level at the 131.70 level (38.2% fib level) and the downward trendline possibly capping significant upside potential.
Look for the USDJPY to retest the resistance level before trading lower again, with the key support level at the 129.80 price level.
As the USDJPY found the 130.50 price area (78.6% fib level from the longer term) overnight, price rebound slightly but continued to consolidate at the 131.20 price level, with the resistance level at the 131.70 level (38.2% fib level) and the downward trendline possibly capping significant upside potential.
Look for the USDJPY to retest the resistance level before trading lower again, with the key support level at the 129.80 price level.
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