USDJPY Bear Market?
USDJPY (Daily) - Last week the Yen finally broke out of the 12 week consolidation zone with a strong impulsive move that came on Thursday. We saw the move violate both the 110.500 and 110.000 levels which are important numbers followed by a retracement move which came on Friday to retest the zone. As long as price remains outside the channel, we can expect more weakness to follow as the market sentiment has now shifted from bullish to bearish at least for the forseable future. As the market opens, we can expect price to test this zone further into Monday and early this week before a potential continuation to the downside. 108.000 looks like an attractive liquidity zone for targets and take profit.
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