USD/JPY downside seems limited
The USD/JPY pair is traded back above the downtrend line signaling that the sellers are exhausted. As you already know from my analysis, the currency pair could resume its uptrend if it jumps and stabilizes above the downtrend line.
The immediate highs of 114.18 and 114.30 are seen as upside obstacles. Jumping above these levels could activate an upside continuation. The USD/JPY pair could move towards new highs after failing to stabilize under the downtrend line.
USD/JPY trading conclusion
Jumping above 114.30 is seen as a new buying opportunity with a first upside target at the 115.00 psychological level.
