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USD/JPY is expected to trade with a bearish outlook as the key resistance at 113.90. Although the pair posted a rebound from 113.15 (the low of May 12), it is still trading below the key resistance at 113.90, which should limit the upside potential. The relative strength index lacks upward momentum. Even though a continuation of a technical rebound cannot be ruled out, its extent should be limited.
To sum up, as long as 113.90 is not surpassed, look for a return to 113.15 and even to 112.85 in extension.
The pair is trading below its pivot point. It is likely to trade in a lower range as long as it remains below the pivot point. Short positions are recommended with the first target at 113.15. A break below this target will move the pair further downwards to 112.85. The pivot point stands at 113.90. If the price moves in the opposite direction and bounces back from the support level, it will move above its pivot point. It is likely to move further to the upside. According to that scenario, long positions are recommended with the first target at 114.10 and the second one at 114.35.
Resistance levels: 114.10, 114.35, and 114.70
Support levels: 113.15, 112.85, and 112.55
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