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USDJPY: Reaching for long-term lows

Since the start of the year the currency lost more than 11.5% however last week alone fell more than 4.5% nevertheless is in a bearish phase since the beginning of January 2016.

Last week the USDJPY plummet with a wide range and closed near the low of the week, in addition managed to close below the previous week low, suggesting a strong bearish momentum.

The Stochastic is showing an oversold market although is displaying a shy weak bullish momentum.

Expecting a downward move to 2014 low at 102.35 on a break below the previous week low at 106.28 (scenario 1) but a bounce off the weekly resistance at 109.33 may push the currency down to a weekly support at 102.35 (scenario 2).