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T3-Consultancy

USDJPY H4: Bearish outlook seen, further downside below 136.00

Short
U.S. Dollar / Japanese Yen (FOREXCOM:USDJPY)  
T3-Consultancy  
FOREXCOM:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpylong usdjpyshort Forex forextrading
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpylong usdjpyshort forex forextrading
On the H4 time frame, prices are approaching the resistance zone at 136.00 which lines up with the Fibonacci confluence levels. We could see a reversal below the 136.00 resistance zone to our support zone at 131.80 which is also the graphical support zone. Failure to hold above the resistance zone at 136.00 could see prices push higher to the next resistance zone at 137.50. Stochastics is approaching resistance at 98.87 as well, supporting the bearish bias.
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