FX.co ★ remington.kihn | USD/JPY

The past week in the USDJPY pair turned out to be boring; price was stuck in a narrow range that’s not typical for this pair. Considering that over the weekend the U.S. and Iran are once again reigniting their conflict, we can’t rule out surprises at the open, but we’ll only know that after the fact. If the US dollar starts to weaken, then first we need to wait for a consolidation below 161.50. If this plan to the downside plays out successfully, price can move down to 161.35, 161.15 and 160.95. After consolidating below 160.95, a decline in USDJPY to 160.75 and 160.55 becomes realistic – here we can already start thinking about buying. If sellers manage to hold below 160.55, they can push further down to 160.35, 160.15, 159.95 and 159.75. If, however, the US dollar continues to rise, we can first expect USDJPY to move up to 161.90–162.10. After a successful consolidation above 162.10, buyers will have a chance to continue the move up to 162.50, 162.90 and 163.30. Now we just have to wait for the market to open, and then we’ll see how it goes.