FX.co ★ USD/JPY

On the 30-minute timeframe for the USD/JPY currency pair, the following technical picture is observed. The price previously bounced off the horizontal resistance line at 159.75, after which a correction in the southern direction began. This indicates that the resistance level is currently being held by sellers. I expect the continuation of the corrective movement in the southern direction towards the nearest support levels and a possible retest of previously broken levels or the trend line. If after the correction the price forms a bounce from the support, then the upward movement may continue with a retest of the 159.75 resistance.