USDJPY analysis
Updated
Had a nice 200 pips run down from my previous analysis. The two fib levels from the previous idea also aligns with the 0.382 retracement on this current chart.
I do not see any trades for now so I will wait for market to enter my area of interests.
The market retraced to 0.5 level around the end of March and stalled for a bit there. And then it headed to the 0.38 fib level and now it went back up to the 0.5 level. If the 0.38 level cannot hold, I believe we might see the market go down to the next yellow box which is 105.xx level.
If 0.38 can hold well then it will become a strong support level which will be very tough to break.
Happy Trading Everyone! Hope this analysis is of use in your trading process.
I do not see any trades for now so I will wait for market to enter my area of interests.
The market retraced to 0.5 level around the end of March and stalled for a bit there. And then it headed to the 0.38 fib level and now it went back up to the 0.5 level. If the 0.38 level cannot hold, I believe we might see the market go down to the next yellow box which is 105.xx level.
If 0.38 can hold well then it will become a strong support level which will be very tough to break.
Happy Trading Everyone! Hope this analysis is of use in your trading process.
Note
Seems like the 0.38 level held its ground. This area will be my area of interest for future trades. It has now become a demand zone.
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