FX.co ★ USD/JPY

As of today, the USD/JPY currency pair continues to move within a descending channel, which indicates that sellers still maintain control. After an attempt to hold above the 161.85 level, a pullback began. I expect that in the near term the price of the pair will move roughly in the range from 161.30 to 161. At the moment, the 161.30 level is the nearest support; if the price manages to break below this level, it may become one of the first signals that a move toward 161 is likely to begin, although a rebound is also possible. However, it is important to note that the price is currently above this point, so the priority scenario remains bearish.