By CountingPips.com
USD/JPY: The US dollar fell against the Japanese yen last week for the first time in four weeks. The US dollar/yen pair failed to hold above the major 100.00 threshold, indicating a near-term bearish outlook. Looking ahead to this week, the 100 level can be looked to provide resistance for this pair as there should be heavy selling pressure into this level. Potential support will likely be seen at the 98.50 — 98.85 area within 97.50 support shaping up below. If this pair rebounds back above 100, look for resistance at the 101.25 — 101.50 area that has been the top of price action for the past two weeks. The weekly MACD indicator is favoring a bearish trend.
Written by Zac Storella, CountingPips Forex Blog & Currency Pair Technical Analysis
