Forex

In the bigger picture, USD/JPY has made a medium term bottom after down trend from 124.13 has just met 76.4% retracement of 79.75 to 147.68 at 95.78. Rebound from 95.77 is still in progress. Sustained trading above the mentioned medium trend line resistance argues that whole decline down trend from 124.13 has already completed.

Focus is now on 108.59 resistance. Break of 108.59 will confirm that this case and stronger medium term rebound should then be seen to retest 114.77 resistance first. However, failure below there, followed by break of 102.73 support will indicate that rise from 95.77 has completed and will turn short term outlook bearish again.