Get started
U.S. Dollar / Japanese Yen
Short

targets for USDJPY (if you go or stay short)

By jmlvf
Updated
USD JPY = On 4 hour chart we will see a important support on 111.900. If we look at the past of the price, this level made many confluence points. Also we have a cluster matching the 0.382 fibo retracement and 161.8 fibo extension on down movement as we see on the chart. I think this level is very important to pay attention.
Comment
Now the price on 1 hour chart may retest descending bottom trendline on the channel and proceed with down movement to reach the main target 111.900.

snapshot
Comment
The price broke the cluster 0.382 + 161.8 and going down.
The next levels based on fibo and confluence points if the price breaking 50% level, are come in 1st, the 61.8 of fibo retracement / confluence point 110.500, and 2nd, 0.786 fibo retracement level and 361.8% fibo extension matching a cluster. But they are not a strong cluster, because the levels not match perfectly.
Anyway, they are levels to pay attention if you prefer exit the trade.

snapshot

Thanks for all views!
Comment
At 0.618 fibo retracement match some pending buy orders and interest buyers. So, the sentiment is already bearish in my opinion. I described the 2 possibilities for the down movement to reach fibo retrace 0.786 and I predict this level as a main target for the long downside movement.
If one of these possibilities does not happen, a reversal movement is very probably.

snapshot

Thanks for all views!!!
confluenceFibonacci RetracementfibonnaciclusterUSDJPYusdjpyshort

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.