On $USDJPY this week, price has been ranging around for the past few weeks. Price is still in a downtrend and I believe we will see price bounce off the daily supply zone at $110.60 up to $112.00. As it has bounced off this zone it came back down to support that lies midrange of the the two big daily supply/demand zone. It didn’t quite touch the 60 min support level which in my mind says a couple of things. First off buyer’s are stepping in strong there defending the daily demand zone at $109 down to $108. 2nd, The current low at 109.88 need to still be tested and price could break that and touch the 60min support zone. However if it doesn’t touch support then this could be the range of price doing something new. Only time will tell but I think price will range around between these two big daily zones and retest the demand over all this coming week. If it doesn’t then something new may be in store.