After Friday’s macroeconomic data (US GDP) publication dollar sharply appreciated versus other currencies. EURUSD dynamically reached support at 1.0980 and USDJPY tested resistance at 113.35. Situation at USDJPY is very interesting because after double bottom pattern, current upward movement began. Nearest resistances are at levels: 113.35, 114.50, 116.10.

USDJPY-H1

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Wider view, time-frame D1

However in a long term current rebound should be seen just as a correction. After side trend which lasted more than a year since the beginning of February there is a clear downtrend at USDJPY. If we want to think about trend reversal price has to return above 116.10 level.

USDJPY-D1

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