USD/JPY: side trend after rebound from support and double bottom pattern
In the last week, USD/JPY has moved between 113.30 - 114.20. Side trend occurred after dynamic rebound from area 111.00. There was a support strengthened by double bottom pattern. If indicated level 113.30 breaks successfully, it is likely that third test of 111.00 will occur. It has to be noted that main trend at USD/JPY is downward, and it is more likely that there will be a new wave of falls than a new uptrend movement.
However, if demand is strong enough and level 114.20 will break, then target for upward movement is located at 116.10. Last level that I pointed out is very important for futher direction of USD/JPY. Only return above that resistance will be a very good signal for demand.
Time-frame H1
Time-frame H4
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