USDJPY side trend after rebound from support and double bottom pattern

Since a week USDJPY moves between 113.30 – 114.20. Side trend occurred after dynamic rebound from area 111.00. There was a support strenghtened by double bottom pattern. If indicated level 113.30 brakes successfully it is likely that third test of 111.00 will occur. It have to be noted that main trend at USDJPY is downward one and it is more likely that there will be a new wave of falls than new uptrend movement.

However if demand is strong enought and level 114.20 will be break above target for upward movement is located at 116.10. Last level that I pointed is very important for futher direction of USDJPY. Only return above that resistance will be a very good signal for demand.

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