USDJPY: Bearish, Extends Weakness

[FXTechstrategy Team]

USDJPY: The pair remains vulnerable to the downside following its last week losses. A follow through lower is snow underway suggesting further decline with eyes on the 101.50 level a possibility. A cut through here will call for a run at the 101.00 level where a breach will turn attention to the 100.00 level, its big psycho level. We expect a bounce higher off this level if tested. Its daily RSI is bearish and pointing lower supporting this view. On the other hand, resistance resides at the 102.85 level where a violation will turn focus to the 104.50 level and then the 104.00 level. If a violation of here occurs, expect more recovery to follow towards the 104.91 level where a breach will aim at the 105.43 level. On the whole, USDJPY remains exposed to the downside in the short term.

 

[ajpipsmaker]

USDJPY looks bullish to me. A strong bounce noted after the solid new home sales data. Let's see if the pair can manage to break the 102.40 level or not.

 

[sanjusharmaDHP]

The demand for the safe havens increased Intraday, and as a result the USDJPY is diving. The pair is approaching the 102.50 support level in the short term. A break below this level could take the pair towards the 102.20/10 swing area, which one can expect some buyers to emerge. However, nothing is sure. If the risk-off theme continues to dominate, then we can see strong selling in the USDJPY pair. So, be careful trading this pair in the short term.

 

[ajpipsmaker]

The USDJPY is a beast at present. The pair looks like has bounced back up from the 101.30 level, which is a very important support level. The pair managed to bounce back from this support region a lot of times. If this bounce is true, then the pair might trade higher in the coming sessions, and climb back above the 102.20 level. let's see how it goes from here.