USD/JPY
This is a weak market that cannot go seriously upwards. The outlook on the USD/JPY pair remains bearish, but some bullish effort was made last week. For instance, the price rose from the demand level at 105.50, to test the supply level at 107.00. This kind of price action can only threaten the extant bearish bias when price gains additional 150 pips, from here.
There is a slight Bearish Confirmation Pattern in the market, which would become stronger as the market goes further downwards. There are demand levels at 106.50, 106.00 and 105.50. Likewise, there are supply levels at 107.00, 107.50 and 108.00.
