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17.09.202117:28 Forex Analysis & Reviews: USDJPY challenges 110 resistance level.

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USDJPY recently reached 109.25 close to the lower trading range boundary it is in since June. Price today is bouncing towards 110 where we find the red downward sloping resistance trend line coming from June highs.

Red line - resistance trend line

USDJPY has made no real progress over the coming 4 months as price is mostly moving sideways. However it is important to note the importance of the red downward sloping resistance trend line where price has gotten rejected two times so far. Price is very close to this resistance now. Another rejection will be a bearish signal and will most probably bring price towards 109 again. If on the other hand we see price break above the resistance of 110-110.20 we will get a bullish signal. At current levels we prefer to be bearish as a rejection would bring price back towards 109 and maybe lower. Breaking above 110 will make us turn bullish looking for a bounce towards 111 at least.

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