USD/JPY trade setup.
Updated
Price on the larger time frame has experienced a whole two week long bearish rally.
Price reached its highest high on the year at 112.149 on February 20th. This all time high of the year was my own personal new high within my own daily uptrend, a reversal to complete a trend low was expected but with the new financial crash sent price tumbling down to the 105.000 support zone.
This may be the beginning of a new bearish trend, after such a large selloff, I expect price to retrace before a continued decline in value. The next lowest value point that price may reach is 101.211, then beyond that would be the 98.943 price point.
This would be a long term view of where price could be headed.
Price reached its highest high on the year at 112.149 on February 20th. This all time high of the year was my own personal new high within my own daily uptrend, a reversal to complete a trend low was expected but with the new financial crash sent price tumbling down to the 105.000 support zone.
This may be the beginning of a new bearish trend, after such a large selloff, I expect price to retrace before a continued decline in value. The next lowest value point that price may reach is 101.211, then beyond that would be the 98.943 price point.
This would be a long term view of where price could be headed.
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