The Yen looks set to continue its correction against the US dollar next week. Bearish formation formed in the blue rectangle on the day chart giving signs of further weakness with today’s price action confirming a break on the downside of that pattern. There is no data out for Japan until Thursday, unemployment, which will predictably be as expected. So it fundamentals for next week will focus mainly on US data with various data releases out Monday through Thursday.
ON the weekly chart the previous two weeks formed a double top and this week’s candle confirms the pattern, giving more weight to further downside action. First support on the 50% line at 122.164 and if that breaks then the next support will be at 121.293 on the 61.8% line.