USDJPY is in a correction after checking the local support level.

USDJPY is in a correction after checking the local support level.

On the H4 chart of USDJPY, the US dollar started the day checking the support level of 108.58, which was formed yesterday. After dropping to this mark, the price bounced back up but did not reach the local resistance. The Parabolic SAR indicates that this is most probably a temporary correction within a larger trend down. Therefore, the bears may open shorts before the price aims to test again the support of 108.58. If it is broken, the next target may be located at 108.33. The bulls may place the resistance levels at 108.67, 109.00 and 109.10.

USDJPYH4.png

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