Hello traders,
USDJPY found resistance at 61.8% fib level (113.39), and this is becoming a major resistance. If USDJPY goes below ascending black trendline, there is a minor support around 110~110.2, followed by major support at 108. Potential head and shoulders pattern is taking place as well.
S&P, Nasdaq, and Dow 30 is starting to form bearish equilibrium, and most likely we will see bearish breakout sometime this year, which will attract selling of USD.
My bearish view will be invalidated if USDJPY pair goes above 114.6.
USDJPY found resistance at 61.8% fib level (113.39), and this is becoming a major resistance. If USDJPY goes below ascending black trendline, there is a minor support around 110~110.2, followed by major support at 108. Potential head and shoulders pattern is taking place as well.
S&P, Nasdaq, and Dow 30 is starting to form bearish equilibrium, and most likely we will see bearish breakout sometime this year, which will attract selling of USD.
My bearish view will be invalidated if USDJPY pair goes above 114.6.
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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.