FX.co ★ USDJPY rejected at horizontal resistance.

Green line -horizontal resistance

USDJPY is trading around 134.84. Price reached earlier today the horizontal resistance at 135.50. Price got rejected. Near term trend is bullish as price has started making higher highs and higher lows.This rejection is a sign of weakness. Bulls need to overcome this obstacle in order to move higher towards 138. Support is at 133.90 and next at 132.53. Bulls need to defend these support levels. A break below these levels will increase chances for a move towards 130.80 and lower.