Technician

USDJPY: A Medium-term Technical Look

FX:USDJPY   U.S. Dollar / Japanese Yen
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The price has started a corrective wave after testing a long term 61.8 retracement level at 105.60, where price currently lands at a key support at 100.60-101.20 area. The first test of the support area resulted in a bullish weekly hammer candle, which hints possible renewed bullish attempts this week. A break above 102.70 short-term resistance will probably confirm the bullish rebound scenario.

Alternatively, if price manages to break 100.60 that would signal more downside, for a retest of the 52-week average at 99.50 and on the longer run 96.55 support.

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