The USDJPY maintained a bearish momentum yesterday , printed resistance at the 109.11 levels and bottomed at the 108.00 levels . This development leaves the pair targeting the 107.45 levels , a halt is likely , but losing the 107.45 levels will continue losses towards the 106.70 levels , further downside will aim the 106.00 levels .
On the upside , resistance comes at the 109.11 levels , break of the 109.11 levels on a daily closing basis will turn outlook neutral for retesting the 110.08 levels , If this important resistance is taken out , expect the pair to extend gains towards the 111.00 levels where a breach will turn focus on the 112.30 levels .
In all, as long as resistance 109.11 holds on a daily closing basis , outlook in USDJPY remains on the downside towards the 104.45 levels and possible lower towards the 106.70 levels , break of the 109.11 levels will reverse risk towards the 110.08 levels before the next move !
Noe that downside move above the 106.00 levels , is seen as a corrective pullback , this level should contain fall from 110.08 levels and bring rebound , however , a clear break below the 106.00 levels will terminate the current bullish run and bring deeper pullback towards the 102.51 levels..