In our last analysis USDJPY was challenging the important resistance of 110-110.20. Price today got rejected and is now trading at 109.50. This rejection is a bearish signal and a sign of vulnerability. Price can continue lower towards the important support of 109. Price continues to be trapped between 109-110.
USDJPY confirmed the importance of the resistance trend line. As long as price is below this resistance trend line, price will remain vulnerable to a move lower. Failure to hold above support at 109 will be a bearish signal and will push price lower towards 108-107 area. Despite today's rejection, USDJPY remains in a neutral sideways trend for some time now.
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