thoughts on usdjpy

I would imagine price will reject off the trend line at 112.7 which has been respected multiple times in 2017. a retest of 111.51 with a hard bounce to the upside will give confidence that price wants to continue higher as previously that zone was used as selling pressure on the move down. A break of the trend line could see a move up to 114 area and long term clearing the red zone upwards of 116

HOWEVER if price fails to break the trend line and or 114.30 area a fast move down would not be unlikely.