USDJPY Is Due To A Retrace

FX:USDJPY   U.S. Dollar / Japanese Yen

This pair is in a definite downtrend but with such huge moves down corrections are inevitable. The price will bounce up closer to the moving average. We have multiple bullish divergences on multiple indicators confirming this analysis. The projected take profit level is a 61.8% fib level. There is still a chance that it will honour weekly bearish engulfing candle formation and continue to fall down thus the stop loss is placed just under the previously respected S/R level .
Trade closed: target reached: Take profit reached and looks like just in time.


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