Week of 26/03 - 30/03 Bearish trend continuation for USDJPY

Last week's strong break above the 105.50 line found support at the Monthly Support 1 line at 104.64 and retraced up above 105.00 but failed to close at these levels, indicating that bearish pressure at these area is very strong. We expect for this week that USDJPY bears are still strong and can drag price even lower below Monthly Support 1. In terms of price action movement, we think that we may have some retracement up to 105.4-105.5 area , based also on some support that price will find at Monthly S1, and then we may expect a move down as Bearish trend continuation.