USD/JPY is into a corrective phase, temporary downside movement, after failing to reach 111.00 psychological level and after the amazing growth. The current decline could be only a short-term one.
As you can see, the pair is still located far above the uptrend line, so the outlook is bullish, despite the current decline. USD/JPY goes down below a downtrend line, so it could decline further as long as it stays below it.
USD/JPY will start increasing again after jumping above the downtrend line. A larger decline could be validated only by a drop below the red uptrend line.
We’ll have a new buying opportunity when USD/JPY jumps and stabilizes above the downtrend line. The first upside target will be at 110.90 former high.
The material has been provided by InstaForex Company – www.instaforex.com
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