EUR/JPY broke key support level 131…
USD/JPY looking to complete correction
USD/JPY has been under pressure and still looks to complete the bearish correction that’s being held since last week. It can complete such move between the 111.64 and 110.79 level, which coincides with the 200 SMA at H4 chart and the Fibonacci levels of 50% and 61.8%. That area creates a demand zone where buyers could take advantage and take the pair to test the -23.6% Fibonacci retracement level around 115.83.
RSI indicator still supports the bearish corrective move, as it’s hovering around the negative territory.
There isn't any reversal pattern so far. If the 21 MA acts as resistance, we're likely going to have just another decline...
Expanding bullish Ichimoku Cloud with rising Senkou Span A; a cancelled golden cross of Tenkan-sen and Kijun-sen; the prices are returned to the support of Tenkan and Kijun and may go higher.
Narrow bearish Ichimoku Cloud with horizontal Senkou Span A and B; a golden cross of Tenkan-sen and Kijun-sen, but the lines are horizontal; the Bulls can’t breaking out the resistance of upper border of the Cloud and the market may return to 113.00.