LeoPrime Daily Market Analysis

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USDJPY reversed from resistance zone; Likely to fall to support level 113.000.

USDJPY currency pair continues to fall after recently reversing down from the resistance zone lying between the pivotal resistance level 114.650 and the upper daily Bollinger Band. The downward reversal from this resistance zone created the second consecutive daily candlesticks reversal pattern Bearish Engulfing. Given the strength of the aforementioned resistance zone and the continued bullish yen sentiment seen today, USDJPY currency pair can be expected to fall further toward the next support level 113.000 (which stopped the price earlier this month).

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