Sforex
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USDJPY: Where are next targets of this pair ?

FX:USDJPY   U.S. Dollar/Japanese Yen
170 5 1
They strong support 110 was pierced easily today and U/J fell quickly to 108.
.
I wonder likely there are special problems so investors strengthen to buy Yen recent days: a strongest safe haven currency.
A financial storm is coming ? I don't know. I know there is a huge bubble in stock market around the world,and the day of collapse is just the matter of time, but this is controversial and complicated problem needed to consider carefully. I'm not the one can handle this problem.
Back to USDJPY             chart.
IF we draw Fibonacci retracement of 75-125 :
23.6% Fib retracement at 114 was broken.
So #USDJPY is falling to next Fib level : 38% Fib retracement level: 106
After the break of 110, next strong support is around 105-106
But this is a level which BOJ scares most.
50% Fib retracement level is at 100 This is the turning point where BOJ must protect Yen. They can't let Yen falls below this floor. All attempt of BOJ to deapreciate Yen will be collapsed if the rate of USDJPY             move below 100. Indeed, they must take action.
So now what we should do ?
106 is absolutely the next target of USDPY, it will fall to this level.
and if 106 can't hold USDJPY             , 100 is next.
If USDJPY             tests 100 key support, we wait for BOJ.


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Even in the very short run there is no sign of a recovery.
Powerless attempt
Reply
motleifaul motleifaul
I think that this trend ist still continuing.
Downtrend strong
Reply
Sforex motleifaul
I see morning star pattern on the daily chart of USDJPY, so be cautious.
Reply
Yes, you are right.
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