On a daily basis, USDJPY favouring sellers' the pair attempting to break the trend support with the help of pullback action from the current trend. the trend reversal from the 114.562 tends a flag correction. In a daily time frame, Yen's waiting to show its power, technically, yen running with good numbers these are factors are enough to solidify the support breakthrough. precisely, we could expect the pullback action around 112.955. If the signals break the support as an Impulse, the 110.131 will be its target.
On the contrary, without any doubt, the USD also has the equal strength against YEN. The pair has a chance for a reversal the continues raise after the 113.201, might target the 113.927, In this case, traders end your trades on or before 113.921.
Nice idea on USDJPY. For our set up, we have identified the key resistance and support levels. Currently, price is approaching our first support at 111.94. It is a horizontal swing low support, 76.4% Fibonacci retracement and a 100% Fibonacci extension. Stochastic is seeing an approaching support and we might see a corresponding bounce in price. If a corresponding bounce does occur, we may want to take a look at the 112.66 resistance level. It is horizontal swing high resistance and a 78.6% Fibonacci retracement.
Please take a look at our idea and share with us what you think.
Please take a look at our idea and share with us what you think.