We start this week on USDJPY with an open just above the 106.60 structure. Currently we are testing the Bearish trend line and this area at 106.90-107.00 may serve as resistance to the current price action. If price fails to break above this structure, a move down to 105.50 area is of high probability. If price manages to break this trend line and close above it on 4 hours chart then we may consider a move up.
Our view for the pair for this week is more of a Bearish bias as we expect the trend line to hold the price, also the round number of 107.00 may see Bears take action to bring price lower. Also we take into consideration our analysis for DXY from which we expect a weakness of the USD for this week.
Our view for the pair for this week is more of a Bearish bias as we expect the trend line to hold the price, also the round number of 107.00 may see Bears take action to bring price lower. Also we take into consideration our analysis for DXY from which we expect a weakness of the USD for this week.