The US dollar was down against the Japanese yen on Friday. By the close of US trading, USD/JPY was trading at 108.65, losing 0.40%. I believe that support is now at around 108.55, the low of Friday's trading, and the resistance is likely at 111.58, Monday's high.
I opened a long position at 108.20 and my target is at 109.00 as I thought the pair would rebound from that support. Considering the bullish spinning top bar on the H4 time frame at that level, it probably will.
It rebounded from 108.30. I managed to close my short relatively on time, but I haven't opened another long. While the pair is bearish, I suspect that it will begin a sideways consolidation above 108.20 - 108.30.
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