The USDJPY maintained a bearish momentum the past few weeks after topping at 103.73 levels. Now the pressure will be on the key support 100.20. The USDJPY will have to hold below the 100.20 levels on a weekly closing basis to push the market for further downside losses If seen. It will target the 97.00 levels where a breach will turn the focus on the 95.80 levels.
Alternatively, a failure to hold below 100.20 levels could mean a return to the 1.30.73 levels, to overcome the bearish threat, the USDJPY needs to hold above 103.73 on a weekly closing basis, If seen, it will target the 111.00 levels – 127.2 extensions of (77.12-103.73) run.
However; As long as the key resistance 1.03.73 holds on a weekly closing basis, the pair is likely to return to its downside bias even in case of the bullish correction.