Bearish long term look for USD/JPY
USD/JPY got rejected at a very significant level of Fibonacci
confluence, namely the 38.2% retracement from 98.787 to
118.662 and the 61.8% retracement level from 114.737 to
104.641. If this weeks candle closes near to where it is now,
a bearish trend continuation seems inevitable.
The first trade opportunity presents itself when price closes
below 108.112, targeting 104.641. Then, if price closes
below 104.641 the AB=CD projection of 101.05 will be
the next target.
Therefore, keep an eye on where price closes this week,
but from the looks of it USD/JPY seems to be heading
down further over the long term.
Happy trading
USD/JPY got rejected at a very significant level of Fibonacci
confluence, namely the 38.2% retracement from 98.787 to
118.662 and the 61.8% retracement level from 114.737 to
104.641. If this weeks candle closes near to where it is now,
a bearish trend continuation seems inevitable.
The first trade opportunity presents itself when price closes
below 108.112, targeting 104.641. Then, if price closes
below 104.641 the AB=CD projection of 101.05 will be
the next target.
Therefore, keep an eye on where price closes this week,
but from the looks of it USD/JPY seems to be heading
down further over the long term.
Happy trading