The USDJPY maintained a bearish momentum yesterday, topped at the 104.12 levels and bottomed at the 102.84 levels, mow pressure will be on the key support 102.84.
The USDJPY will have to hold below the 102.84 levels on a daily closing basis to push the market for further downside losses, If seen It will target the 102.15 levels where a breach will turn the focus on the 101.25 levels, further out will aim the 100.25 levels.
Alternatively, a failure to hold below the 102.84 levels could mean a return to the 104.12 levels, a halt is suggested , but break of 104.12 on a daily basis would turn bias neutral and open 105.43 levels, we might see hesitation around this area, but break of 105.43 will have large bullish implication towards 106.15 ahead of 107.00, a breach will turn the focus on the 108.00 levels.
Overall, the USDJPY is likely to consolidate within 102.84 /105.43 range before the next breakout.
Trend Direction : Daily Chart (GMT + 2 )
- Above 105.43 : Bullish
- Below 105.43 : Neutral
- Below 104.12 : Bearish