USDJPY Technical Analysis
The USD/JPY has been strongly bearish from December 17, 2015. It has already fallen about 700 pips
after testing the resistance 123.50 on December 17, 2015. Today it tested the strong support zone
confluence with the bottom of trendline @116.68 in daily and bounced up from there. We have to be
careful in selling USD/JPY because right now it is in a zone from where it can have a sharp retracement
of recent fall. So better to keep away until it clears the support zone with big candle in Daily timeframe.
So we are neutral in USD/JPY for now.