Technical outlook and chart setups:
The USD/JPY pair is trading around the level of 124.50/60 at the moment. Please watch out for a bearish reversal sign ahead of 125.50 levels for an extension around 117.00 levels in the coming several weeks. It is therefore recommended to initiate short positions (aggressive trade setups) now, with risk at 126.00 levels. Immediate resistance is seen at 124.60/70 (fibonacci 0.786) followed by 125.50 while support is seen at 123.00 (interim) followed by 120.00, 119.00, 118.00, and lower respectively. Bears are expected to regain control until prices remain below the level of 125.00 from here on.
initiate short positions now, stop is at 126.00, a target is at 117.00.
The material has been provided by InstaForex Company – www.instaforex.com