Yen Retreats But USDJPY Remains Bearish

The Japanese yen retreats against the USD in Europe session yesterday after two days rally, because of profit taking and positive sentiment on the greenback until US session closed.

Technical Analysis:

Intraday bias for USDJPY currently is bearish. Price is testing intraday resistance area at 115.237-115.856. My plan today is to look for sell signal within the resistance area with 114.853 as target and 114.233 in extension.

Be careful if the market managed to break the resistance 115.5856 because it will turn the intraday bias to bullish and possibly will push USDJPY up to 116.240-116.860.

Plan: Sell within 115.237-115.856; target at 114.853 or 114.233

USDJPY Chart: