USDJPY Outlook

The USDJPY continues it’s bearish momentum this week. Although the bearish momentum is not as strong as last week but technically we do have significant movement.  On weekly chart below we can see that the major long term trend is bearish. The pair had bullish correction to the 38.2 Fibonacci retracement (of 124.13 – 87.12) around 101.15  on April then continue to push lower since then. Here is the my technical focus: The trendline support has been violated to the downside this week indicating potential bearish scenario continue the major bearish trend. So I prefer a bearish view for the upcoming week at least testing 93.50 area. On the upside, we have important resistance around 96.70 area. Break above that area should be seen as bearish scenario failure. Have a great weekend and see you guys next week :)