dmelchiades

USDJPY - Retracement Opportunity

FX:USDJPY   U.S. Dollar / Japanese Yen
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USPJPY reached to a 2 year resistance area , around the 61% Fibonacci from the 388-days downtrend from June 2015. Although the rally USD demonstrated against JPY - 98.78 to 116.12 in just under 6 months -, seems promising, there might be an opportunity of going short for the short-term due to a retracement that could lead to the 112.00 10 months support area and 50% Fibonacci. After then, USD could possibly try to test the 116.00 resistance area again.

The CCI Indicator looks favourable to a retracement.

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