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USDJPY: A Medium-Term Technical Look (Update)

FX:USDJPY   U.S. Dollar / Japanese Yen
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Update: The price has managed to break 102.70 minor resistance, forming a Bullish Engulfing candle, Are we heading to retest the 61.8 retracement level again? So far the technical odds remain in favor of the uptrend resumption scenario.

Earlier Analysis( ) :

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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Re-escalation of the Crimea crisis during the weekend may put the USDJPY under near term pressure again.
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