Alexkly
Long

USDJPY Shifting Market Consolidation

OANDA:USDJPY   U.S. Dollar / Japanese Yen
After much review of the technical analysis on the YEN, I believe that over the past couple of days we have found our initial support level the @105.5 level. Price action is never quite perfect but has formed what looks almost like a "Head and Shoulders" formation on 4-1H Timeframe. Or you might see a double bottom , in any case I believe that in our current consolidating phase we may see a retest of previous support @107.5. We may encounter a great deal of resistance here being that it is the only substantial level in the immediate circle of influence. Being that price has fallen quite successfully in reaching previous resistance turned support dating back to the month of July 2016. We could possibly have, dare I say it... A reversal on our hands. I would very much like to see price breach this level and head over to 108.5 level of support to test the resistance here. Or perhaps we may see price break the triangle of consolidation to continue dropping further to the downside.



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