Skip to main content

USDJPY vulnerable to more downside.

#

USDJPY is trading around 115.55. Price has managed to retrace 61.8% of the recent decline from 116.36 to 115.03. Price seems vulnerable to the downside as the recent high looks like a failed attempt to break above 116 again.

analytics620d0313e2036.jpg

Red lines - Fibonacci extension targets

At current levels we prefer to be bearish USDJPY looking for a move towards 115 and lower. Resistance is at 115.80-115.90. As long as price is below this level we remain bearish short-term. First target is at 115 and second target at 114.60. If bulls manage to recapture 116-115.90 then our bearish short-term scenario gets cancelled.


Trading analysis offered by Complex Trader - a RobotFX partner.
Source #RobotFX Team
Labels:

Comments

Post a Comment

Popular posts from this blog

GBPUSD up and down. Back down testing 61.8% and swing area.

# GBPUSD tests 61.8% and swing area The GBPUSD is in an up and down day. The    GBPUSD  moved higher earlier. That move was helped by better than expected retail sales. However the high price today stalled near the high price from last week near 1.3643, and rotated back lower on the USD buying. The subsequent move lower now has the price back toward the 61.8% retracement along with a swing area between 1.35969 and 1.36034. As I type, the price has dipped below that swing area. What next? If the price can stay below the 1.36034 area, that would be the best case scenario for the sellers with the next major targets coming in at the 100 hour moving average 1.3569 (blue line), and the 200 hour moving average at 1.35609 (green line). The 50% midpoint of the 2022 trading range is just below those levels at 1.35526 and would be a another target on further weakness. A move back above 1.36034 with momentum would have traders looking again toward 1.3618 to 1.36271 and then t...
Post a Comment
Read more