Technical outlook and chart setups:
The USD/JPY pair has faced resistance around 119.00/10. Please note that 118.85/119.00 is also Fibonacci 0.382 resistance for a drop from 123.50 to 116.00. It is hence recommended to remain short from here with risk around 119.70. Please note that the pair should be heading south below 115.00 at least according to the wave structure. Immediate resistance is seen at 119.70, while support is found at 117.60. Bears should regain control back, till prices remain below 119.00/50 moving forward.
Trading recommendations:
Remain short with stop at 119.80, a target is open.
Good luck!
The material has been provided by InstaForex Company - www.instaforex.com