USDJPY go long, then short
Based on price action and fibonacci, In the short term, I think UJ will rise to fib 8 or 125.46; breaking the top. I'd really be surprised if it didn't hit fib 8 at the least. Afterwards look for a reaction; we should see a breakdown toward the fib 1.618 at 117 as its end point before reversing higher. Although bullish on the dollar, UJ and other YEN pair rose too far too fast and "should" have a corrective wave. Although not out of the question UJ keeps heading upward, but 80% of the time we will see a correction. If no significant correction and price blows through fib 8, fib 13 is next at 131.90 - that'd be insane. Check out JXY to confirm all pairs keep pushing the YEN lower and see what BOJ does about it being too low.
Note
Getting closer to Fib 13 at 131.90. With how volatile the markets are, I'd not be surprised it hits that today(fri may 6 2022)
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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.