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USD/JPY: a correctional move is yet to be completed

Long
U.S. Dollar / Japanese Yen (OANDA:USDJPY)  
Investroy  
OANDA:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Fibonacci Support and Resistance USDJPY priceaction Technical Analysis Forex forextrading investroy
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trendanalysis fibonacci supportandresistance usdjpy priceaction technicalanalysis forex forextrading investroy
Taking a look at higher-timeframe charts of USD/JPY, it can be observed that the price experienced a dramatic fall last week. As we know, after an impulsive move, a correctional one should happen. Hence, looking at the 8h timeframe graph, it can be inferred that the price has been consolidating for a while and forming a bottom before starting to push to the upside.

We are eyeing to enter long positions and aim for the 50% Fibonacci retracement level that lines up with a previous level of support that now acts as resistance.
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