USDJPY Update: Below 114.64 to Keep Pressure to the DownsideThis is a technical analysis to note key institutional levels, not a trade recommendation.
Good evening traders!
As anticipated, further downside has resulted with price remaining below the 115.62 resistance figure.
Price now sits at the break level.
A break below this figure will be required to expose further downside.
In the event of a break below 113.62 see the 112.57 institutional support level.
Pressure is to the downside below 114.64 so selling opportunities will remain preferred until proved otherwise.
Enjoy!
FAQ
What is an institutional level? Put ten traders in a room and instruct them to note key support and resistance levels. No doubt some of them will locate the proper levels, but there will surely be discrepancies among them because finding key support and resistance levels is subjective. Large financial institutions like big banks and hedge funds employ technical analysts to avoid these uncertainties and to justify what specific levels will attract institutional money.
