The USD/JPY is trading right below the 118 level where the last time we saw a rejection and a pullback towards 116. The pullback is not over and price is more likely to reverse and move towards 114-112 than 120. The important level to watch out for is at 117.20-117.
Green line - support
Short-term support and a reversal level is at 117.20-117. A break below that level will confirm that an important high is placed at 118.50 and a pullback towards 114 at least should be expected. I remain bearish about USD/JPY looking for a push below 116.
