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14.10.202021:55 Forex Analysis & Reviews: USDJPY forming another lower high

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USDJPY managed to rise all the way to 106.11 last week but this week JPY is stronger and pushing price lower. Technically the rejection at 106 and reversal are a bearish sign. USDJPY could continue lower towards the major support area of 104.70-104.50.

Blue line - support

Red line- resistance

Pink line - longer-term resistance

USDJPY got rejected at the first trend line resistance and is pulling back down. The chances of breaking eventually below 104.50 are high. Such a break down will put pressure on price and we could see a fast decline towards 103. This week's high at 105.80 is key resistance. A weekly close above this level will be a bullish sign for the following week.

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