USDJPY Potential down
Updated
I BELIEVE that this pair will make its way back down due to a couple of reasons.
First would be the dollar which has lost its power over the last couple of weeks which puts USDJPY in a chokehold.
Secondly would be the FVG imbalanced level(Green box drawn) that the USDJPY has touched on the 4 hour which i would recommend waiting on a BOS on the 1 hour for confirmation on further down movement
Lastly would be the fib retracement that is touching the last possible level it could touch(0.618) before possibly the retracement is finished
This isnt financial advice
tell what you think
First would be the dollar which has lost its power over the last couple of weeks which puts USDJPY in a chokehold.
Secondly would be the FVG imbalanced level(Green box drawn) that the USDJPY has touched on the 4 hour which i would recommend waiting on a BOS on the 1 hour for confirmation on further down movement
Lastly would be the fib retracement that is touching the last possible level it could touch(0.618) before possibly the retracement is finished
This isnt financial advice
tell what you think
Note
Keep in my mind their is news going around that the BOJ is set to increase hikes for the first time in 17 years which is already a good hint of where the markets are
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.