The opening of a new week did not bring any radical changes to the USDJPY currency pair. The US dollar remains geared towards growth, although there is not much activity from buyers. I still lean towards expecting a pullback, with the nearest target for a decline being the level of 160.15. Holding below 160.15 could lead to a drop to 159.95, 159.75, and possibly even down to 159.55. A pullback to 159.55 is a good option, as buying from this level is much more promising. If the US dollar starts to significantly weaken and the yen, on the contrary, is willing to strengthen, then after consolidating below 159.55, the decline could continue to 159.40 and 159.20. It may go even lower, but that will have to be considered later. If it does not drop below 160.15, then after consolidating above 160.45-160.55, we can expect an initial rise to 160.75. Holding above 160.75 could lead to a rise in USDJPY to 161.70 and 162.50.
