08.09.202015:27 Forex Analysis & Reviews: USDJPY rejected at key resistance trend line

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USDJPY is trading at 106 after getting rejected at the resistance by the downward sloping trend line at 106.50 area. This price action is a sign of weakness and if we see a push below short-term support at 105.30we should expect USDJPY to move even lower towards 104.

Pink line - resistance

USDJPY seems unable to break above the pink line. So far we have three failed attempts. This is a bearish sign and that is why at current levels I prefer to be bearish. I would change my view on a daily close above 106.50. Confirmation of my bearish scenario will come when price breaks below the recent lows at 105.30

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