ElysiumFX

USDJPY - Where I'll be buying

FX:USDJPY   U.S. Dollar/Japanese Yen
75 0 3
After nine consecutive weeks of gains, USDJPY             is seeing some necessary downward price action on the back of profit taking and risk-off sentiment in global markets. How long will this sell-off continue, and where is the best place to go long? What I'm watching is the big 100 level on a weekly chart. There is a confluence of Fib support (50% of the 2007 high/2011 low) and major trendline support near that level, which I hope to see tested once again for a long-term (weeks/months) buying opportunity. The trendline has been tested multiple times, and has not only held, but provided major bounces for the pair. I hope that the fourth test is the charm to give price the strength needed to break through major trendline resistance seen on a monthly chart (currently above 106).
Ideas Scripts Chart
United States
United Kingdom
India
España
Italia
Brasil
Россия
Türkiye
日本
한국
Home Stock Screener Economic Calendar How It Works Chart Features House Rules Moderators For the WEB Widgets Stock Charting Library Priority Support Feature Request Blog & News FAQ Help & Wiki Twitter
Private Messages Chat Ideas Published Followers Following Priority Support Public Profile Profile Settings Billing Sign Out