USD/JPY outlook

88
Resistance - 109.45, 110.00, 110.67

Support - 108.23, 107.84, 107.66

Pair's rejection at trend line resistance on Friday followed by a weak closing (forming a bearish inverted hammer) indicates a temporary top in in place at 109.56 levels. This could translate into a drop to 108.23 levels , which if breached shall open doors for 107.66, which is likely to be defended.

On the higher side, only a day end closing above 110.00 (falling trend line resistance) would signal continuation of rally from the low of 105.55.

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