The weekly bar for USD/JPY is taking on the shape of a gravestone doji, and if sellers can push, this could turn into a shooting star which wouldn't bode well for bulls after three consecutive weeks of gains following the failed breakdown at the 140.00 handle.
For Friday, the 145.00 level looms large as this was support a week ago and currently holds the higher-low in the pair. If bears can break below that by the close of the week, then there'd be a shooting star following a failed breakout run at 148.00, and that would point to deeper bearish potential for next week.
With that said, there could be a more attractive market for both Yen-strength and Yen-weakness, which I'll look at in follow-up posts. - js
For Friday, the 145.00 level looms large as this was support a week ago and currently holds the higher-low in the pair. If bears can break below that by the close of the week, then there'd be a shooting star following a failed breakout run at 148.00, and that would point to deeper bearish potential for next week.
With that said, there could be a more attractive market for both Yen-strength and Yen-weakness, which I'll look at in follow-up posts. - js
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