Get started

Forex-usdjpy

USDJPY remains under pressureUSD/JPY remains under pressure. Momentum readings and the Tension Indicator (not shown) continue to weaken, highlighting fresh downside risks in the coming weeks. A close below the 111.59 low of 7 February will confirm continuation of the December 2016 bear trend, with focus then turning to the 110.27 low of 22 November. Just lower is the 109.93 Fibonacci retracement, but any further slippage beneath here should stabilise towards the 107.85 retracement, as mixed background studies keep investors cautious. A close above the 115.00 break level is needed to stabilise price action. However, any immediate bounce is expected to remain capped beneath here, as short-term studies also follow weekly readings lower.
by Michael_Macdonald-XATSUK
2 POTENTIAL TRADE SETUPS ON USDJPYI wanted to share 2 potential trade setups here on USDJPY. The first being IF - price rallies from here up to the 113.20 (without breaking the 111.358 levle) we would have a bear gartley completion. The second being IF - the A point of the potential bear gartley is broken & price pushes lower to the 110.82's we would have a harmonic move, 127 fib ext, Along with a 786 fib retracement & the 111.000 handle a little higher. I would then wait for say a double bottom or a 2618 trade setup to get long. Just a thought.
by rozela99