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USDJPY reached the resistance zone marked on the 4H chart around 115.90 levels on Wednesday. The currency pair is seen to be pulling back towards 115.80 mark and is expected to produce a bearish reversal from here. Bottom line remains 116.35-50 zone, which should remain intact for bears to be back in control.
USDJPY has already carved a meaningful downswing between 116.35 and 113.50 levels early this year. Since then, prices have been consolidating within a range, carving lower degree downswing. The recent downswing which is being worked upon is between 116.34 and 114.40 levels respectively.
USDJPY as tested resistance close to 115.90, just above the Fibonacci 0.786 retracement of the larger downswing as depicted on the chart here. If the above holds well, prices would stay below 116.35 and bears will drag lower towards 113.50 and 112.00 in the near term. Please note that medium term target is at least 109.00 mark.
Potential drop through 109.00 against 118.50
Good luck!
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