Based on current market structure, UJ iS maintaining a bearish trend. Last week we saw a push to the upside and now price is at a resistance level and a previous high. If we get a push to the upside and price takes out the previous high, we're in for a reversal and we'll see a move to our next zone (109.000). If we continue our current bearish trend I am expecting...
By looking at the Monthly and weekly chart, there is a high probability that we'll be seeing further push to the upside, to 1400. But at the current moment we're moving from Support (1309) to resistance (1350). A break above resistance will push price up to 1400 and if we get a break of our support zone we'll most likely see price go down to 1270.
By looking at last week's candlestick on the weekly timeframe, we will most likely be coming down to test 1305.00 support level again. I say this because it left a large wick to the downside that has to be filled. A break of this level could result to price coming down to 1268 support level.
USDJPY is currently in a bearish channel, making lower lows and lower highs. We will most likely be seeing further push to the downside. Keep your eyes on daily support 103.888 it's our next support level
