FX.co ★ USDJPY remains inside bearish channel

USDJPY is trading around 105.90. Price continues to form lower lows and lower highs since March where it made a top around 111.60. Price remains vulnerable to a move towards 102. Short-term resistance is found at 107.

USDJPY has resistance at 107-107.50 area. Support is at 105.20 and next at 104.30. Price will most probably move lower over the next couple of weeks. Bulls in order to change trend to bullish they will need to recapture 107.50. On the other hand bears need to hold price below 107 and eventually break support at 104.