USDJPY - Forecast
Updated
Looks like it has met resistance at 110.9 area, which is the leg that brought it to the previous lower low. I would look for a pull back to at least 109.6 area. Overall I'm bearish at this price point. If it holds 110.9 area (which i doubt), look for a test of 112.0-112.3 area. NOT FINANCIAL ADVICE.
Note
Well, USDJPY gave me the finger, went higher and killed my fib, no worries though. This is why we have hand picked levels of resistance. My guess is it'll catch resistance around 12.1-12.5 area, if not then I am looking to get short at my 113.7 level.Note
USDJPY finally giving into resistance. Hit my 112.0 (updated area) perfectly and is now headed down to 111.4. I'm expecting it to blow past that level and test 111.0 on the nose. But hey, don't take my word for it, Im a degenerate.Note
Tested 111.0 perfectly and is looking to bounce. We will see how much strength it has as it will try to test 111.5-11.65 area. But the High is still fair game for testing. I personally am laddering some sells because I'm still bearish on this but 112 can be tested. Trade safe. NOT FINANCIAL ADIVCE.Note
Well USDJPY has been stubborn and probably throwing everyone off shorts. If you stuck it out like I did you probably got stopped out once or twice. I like to put my stops on the darkest grey line (-12.5%). Might see some bounce here off the 109.647 line (yellow) but look for downward momentum that pushes hard past 109.647 for a shot at 107.884 (100% yellow line). TRADE SAFE - NOT FINANCIAL ADVICE.
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