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Technical outlook:
USDJPY has been drifting sideways since hitting 104.40 levels on January 11, 2021. Earlier, the currency had dropped through 102.59 levels before finding support and bulls had managed to take out first resistance around 103.80/90 respectively. The single currency pair is seen to be trading around 103.80 levels at this point in writing, and might be preparing to drop lower towards 103.00/30 in the next few trading sessions. If bears are successful in dragging prices through 103.00/30, it could be considered another opportunity to initiate fresh long positions. Immediate support is fixed at 102.59, while resistance comes around 105.65 levels respectively. The overall wave structure is constructive for bulls as long as prices stay above 101.18 levels, the March 2020 lows. The entire rally between 101.18 and 111.75 has been retraced through fibonacci 0.786 levels around 102.59 recently. High probability remains for the next rally to push through 111.75 highs, over the next several weeks.
Trading plan:
Remain long, add more @ 103.00/30, stop @ 101.18, target @ 107.00 and higher.
Good luck!
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