FX.co ★ USDJPY vulnerable to more downside.

USDJPY is trading around 115.55. Price has managed to retrace 61.8% of the recent decline from 116.36 to 115.03. Price seems vulnerable to the downside as the recent high looks like a failed attempt to break above 116 again.

At current levels we prefer to be bearish USDJPY looking for a move towards 115 and lower. Resistance is at 115.80-115.90. As long as price is below this level we remain bearish short-term. First target is at 115 and second target at 114.60. If bulls manage to recapture 116-115.90 then our bearish short-term scenario gets cancelled.