FX.co ★ USDJPY approaching medium-term trend resistance trend lines

USDJPY has risen the few days from a low around our target of 104 back to above 105 as expected. Price remains in a bearish trend as price continues to make lower lows and lower highs since March.

Red line - short-term resistance

USDJPY is below both important resistance trend lines. The first important resistance is found at 105.80 and the next one is at 106.60. A rejection at current levels around 106 is highly probable. We remain bearish as long as price is below the pink resistance trend line. Looking for another move below 104.