FX_Rhapsody

USDJPY Breakdown Analysis

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
To be honest, I'm not a 100% sure to what's going to happen with this pair this week. What I do see is that liquidity was tapped just above previous resistance, and price retracing down, how far? not sure. The first area lies just below where price finds itself now and the next key area will be the zone between the 62% - 79% Fibonacci area. I will definitely keep a close eye on the lower timeframes when price get to these areas for buy opportunity. COT reports shows massive amount of short positions added to the YEN which indicates a bigger push to the upside.
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