The USD/JPY moved sideways from Monday to Thursday and then began to come downwards (to place more emphasis on the bearishness of the market). Price has gone below the supply levels at 106.50, and 106.00; and it may test the demand levels at 105.50, breaching it to the downside as another demand level at 105.00 targeted.
There is currently a Bearish Confirmation Pattern in
the 4-hour chart, which pinpoints further southwards movement. On the other
hand, a strong reversal could occur, which would result in a threat to the
current bearish bias.
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