USD/JPY
The market was bearish in the long-term. A rally happened last week from Monday to Wednesday, but it was checked by the bearish correction that took place on Thursday and Friday. There are support levels at 106.50, 106.00 and ultimately at 105.50. Those support levels would impede bearish movements and they would eventually help bring about a bullish reversal, which is expected to take place before the end of this week.
Should the bullish bias occur, the market would be able to gain at least, 150 pips this week, going towards the supply levels at 107.00, 107.50 and 108.00. These supply levels may even be exceeded, for they are initial targets.
The material has been provided by InstaForex Company - www.instaforex.com
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