Daily chart: The USDJPY pair continued its bearish trend developing in the long term, falling over 350 pips this week. Now, the USDJPY pair is forming a higher low pattern below the resistance level of 96.38. If USDJPY breaks the 94.53 level, it is expected to fall to the level of support 92.84. On the other hand, if USDJPY makes a bullish rebound in the 94.53 level, it could rise again to the resistance level of 96.38. For now, it is advisable to place orders against the trend, because this pair is in a very strong bearish trend. The MACD indicator remains in negative territory, but extremly approaching oversold levels.

H4 chart: During this week USDJPY found strong resistance at the 99.05 level, falling heavily to the support at the 95.81 level. Now USDJPY is trying to break this support and bullish trend line that is close to this level. If  USDJPY manages to break these levels, it is expected to fall to support at the 94.43 level. On the other hand, if USJPY makes a bullish rebound at current levels, this pair could rise again until the resistance at the 96.70 level, which has formed a fractal. In this chart, the USDJPY pair continues below the 200-day moving average, so our bearish outlook is still alive. The MACD indicator remains in negative territory.

H1 chart: Near the 96.85 level a strong Point of Control (POC) was formed, making a stand on this pair. Because of the formation of this POC, it would be very clear that the USDJPY will continue to fall in the short term. If the USDJPY manage to break the 95.21 level, would be expected to fall to the level of 94.77. On the other hand, if the USDJPY managed to break the resistance level 96.02 expect it to rise to the level of 96.75. The MACD indicator is in positive territory, but it is possible that during the next few hours, into neutral territory.

Fundamental Outlook: For today's session at 12:30 GMT in the United States the Core Retail Sales (Previous: -0.2% / Forecast: 0.3%), Retail Sales (Previous: 0.1% / Forecast: 0.4 %), and Unemployment Claims (Previous: 346K / Forecast: 354K) will be published.

Trading recommendations for today: Based on the H1 chart, place sell (short) orders only if the USD/JPY pair breaks with a bearish candlestick, the support level is at 94.77, take profit is at 93.89, and stop loss is at 95.48. Place buy (long) orders only if the USD/JPY pair breaks with a bullish candlestick, the resistance level is at 96.02, take profit is at 96.75, and stop loss is at 95.32.