FX.co ★ USDJPY challenges important short-term support at 142.90-142.80

Red line -resistance

Blue lines- support trend lines

USDJPY is under pressure again today. Price is challenging the upward sloping support trend line at 142.95. Below this level we see the horizontal support of 142.80. Bulls need to defend this area because if price breaks below it, then we should expect to see an increase in selling pressures and a move even lower. USDJPY has resistance at 143.50. Bulls need to break above this level in order to avoid the danger of the decline. Failure to hold above short-term support, will lead USDJPY towards 141.70 at least.