Is the market peaking?

The short-term trend of the USDJPY currency pair has changed to neutral. After the USDJPY pair climbed to 131.34, we have seen a bearish return to the market. As long as support remains at 128.61, one can expect the US dollar to strengthen against the Japanese yen. A break of 131.34 could push the USDJPY pair to an estimated 261.8% Fibonacci at 133.26.

However, if the USDJPY falls below 128.61, it will indicate a peak and the USDJPY trend will reverse.

* Technical H4 analysis of USDJPY

* Technical daily analysis of USDJPY