USD/JPY, bears have won the battle for now!
In my USD/JPY analysis from yesterday I pointed 117.20/118.20 as a strong support and 119 as first and possible resistance level. After the pair touched 118.97 the pair start to fall and the bulls start to defend the support line at 117.60, which was supported for more then 10 hours. During the Asian sesion that line 117.10/20 was defended for more then 5 hours even the Nikkei was close with -2,01% down. USD/JPY still hold 117.10/20, but after Europe opened trading, the pair immediately broke support and touched low at 116.22 after slightly recovered to 116.50 at this moments. Profit taking? Possible. Let’s see what will happen next? 117.20 is first resistance now, could be strong, 118 next! But, as we can see, everything is possible in these days, watch out! Support? To be honest, I don’t see any major support now!?