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The USD/JPY pair is facing daily resistance as well as a break of the hourly trendline support that is expected to expose the asset at the 137’s figure. The asset is trading at 137.14 at the time of writing.
A break below the said level could open the way for a move below 136.80 towards 135.50. Bearish traders are leading a sizeable move to the downside to correct a significant portion of the latest US dollar’s cautious rally.
The price moved out of the trend and is now coming back into to retest the previously registered supports, counter trendline and now resistance area. So, the price is attempting to move out of a sub trend.
A break of the trendline support would expose 137 the figure. A break below there could open the way for a move below 136.80 and set off a waterfall sell-off for the days ahead, in accordance with the daily bearish scenario towards 135.50.
