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USDJPY: Formed Pinbar, Remain Bearish Bias | January 15, 2017



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USDJPY continued its bearish rally after breaking of triangle pattern. Recently usdjpy has retested the broken triangle and formed pin bar on h4 which indicates its bearish continuation again. 115.40-115.55 level would be near term resistance for this pair. Below this level, we would see bearish momentum on usdjpy. It can extend its bearish movement towards 110 level for long term.

Initial support for usdjpy lies on 113.80 level. If it can break this, we would see another fall on this pair. So now we will recommend to stay on sell mode on this pair.



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