BehindTheTrade

#JPYUSD Long term view shows weaker US$ and re-test of 110

Short
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Hi All, my main 3 take-outs from this analysis are the following:

1- In the weekly chart - so long term view - the US$ is possibly going to re-test the 110 area (at least!). In fact, in that area we have a strong uptrend line (in red) which will possibly act as support

2- The cross came out from a descending channel which lasted since the end of 2016, and this breakout happened in March this year

3- Fibonacci tool suggests that the cross might not only re-test the 110 level (38.2 fibo level) but also test the 109 and the 107 (50% and 61,8%)

Not a financial advice, just personal opinion. Do your own due diligence and good luck!
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.