USDJPY is testing the long-term downside resistance
Is testing the long-term downside resistance 103.20. For a downside reversal and a higher probability of the short trade entries, we need to see a confirmed break below this level. A bounce here is required for an upside reversal and a test of 104.50. The overall medium-term is downtrend but we need to see a confirmed break below 103 to see extension downside. We could see a sideways consolidation at this stage as the pair has a space for that.
Note – We are inclined to long trade entries for a swing trading with the stop loss below 103. Short only in case of stop taken and a break below 103 confirmed.
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