USD/JPY: The Rapid Exit from the Flat
Last week the flat between the levels 6/8 (109.38) and 5/8 (107.81) resumed. At the same time, the pair didn't close below 5/8, while the price rose above 6/8. The repeated breakout of 6/8 and fixing above it led the pair up to 7/8 (110.94). The level of 7/8 has already provided significant resistance, therefore the pair is likely to recoil down from it to 6/8.
sell – 110.94; sl – 111.70; tp – 109.40.