On the daily chart the pair trend is still downward, although it was not as pronounced.On the monthly figure is formed reversal bearish Head and Shoulders.
After strong growth last week, triggered by Draghi's statement that at the December meeting, the ECB may decide to extend stimulus measures, USD / JPY has strayed from the 121.55 resistance level on the daily chart and trying to resume the downward trend.
In case of breaking through the support level of 120.52, and taking into account unspent breakdown support level 118.89 on the daily chart, the resulting divergence on Stochastic on the 4-hour chart, forming a bearish candlestick pattern on the daily chart and the expectation of a large number of negative data on the US dollar in particular , low levels of US GDP and the GDP price index, can be expected to move to the level of 119.40, then - 118.04 and 116.18.
Also contribute to reduce the USD / JPY may be emerging upward correction in EUR / USD on a background of oversold rebound from the strong support 1.1000 and published positive data on the index of the German IFO business climate.
Alternatively, if the continued negative market reaction to the statements of the ECB, plus data on the increase in interest rates the Fed will leave positive and tool breaks resistance at 121.55 - possibly towards 125.29
My personal preference - to sell the pair at a penetration of 120.52 support with the aim of 118.04.
