USDJPY at critical structure, bearish move expected

FX:USDJPY   U.S. Dollar / Japanese Yen
On Sunday, during our weekly analysis we anticipated a high probability of a short term bullish move up to the structure at 107.30-107.50 where we have monthly Support S1 located. This structure was very strong in the past so now after testing this area, this time from below we may expect a move down to at least 106.00 area. At the 4 hours chart, at the moment of analysis we can notice some exhaustion candles formed which makes us believe that bulls are now losing steam and now should be the time when the bears are expected to kick in and bring the price lower.


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