USD/JPY: ranging within bullish levels. The pair is located to be above 100 period SMA (100 SMA) and 200 period SMA (200 SMA) for the primary bullish market condition for the ranging within the following key bullish levels:
- 125.85 resistance level, and
- 116.13 support level.
The price is trying to break 123.59 key resistance from below to above for the bullish trend to be continuing with 125.85 as the next bullish target.
- if the price breaks 123.59 resistance on close weekly bar so the bullish trend will be continuing with 125.85 as the nearest bullish real target;
- if the price breaks 116.13 support level so we may see the local downtrend as the secondary correction within the primary bearish with the good possibility to the reversal of the price movement to the primary bearish market condition;
- if not so the price will be moved within the channel.