USDJPY - Further downside expected
USDJPY downtrending.
There is a clear level of support highlighted which I think price will revisit - price is currently in a mini-consolidation phase and so I will be monitoring to see if it breaks out to the downside. With the current Dollar weakness this is seems possible.
Closure below the 100 and 200 EMA will be my confirmation for entry.
First target will be the support area at around the 106.700 level, a break of this and I believe we will see a drop to the 106.000 psychological level for the next target area.
There is a clear level of support highlighted which I think price will revisit - price is currently in a mini-consolidation phase and so I will be monitoring to see if it breaks out to the downside. With the current Dollar weakness this is seems possible.
Closure below the 100 and 200 EMA will be my confirmation for entry.
First target will be the support area at around the 106.700 level, a break of this and I believe we will see a drop to the 106.000 psychological level for the next target area.
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