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As we mentioned in previous analysis, USDJPY is expected to make a reversal from the 109.60 area. Today we take a look at smaller time frames in order to identify as soon as possible any weakness that might lead prices lower.
Red line - support
Blue line - resistance
USDJPY is trading right on top of the short-term support at 109.10. Price tried several times to break above the 109.40-109.35 resistance but got rejected several times. Price is moving sideways. This price action is useful as the boundaries of the trading range have been confirmed several times and this provides increased confidence if a level is broken. Our analysis believes it is more probable to see a downward break, so a move below 109.10-109 will be a bearish sign that will bring price at least towards 108.50. On the other hand if bulls manage to recapture 109.40-109.35, then we could see a move above recent highs at 109.72.
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