USDJPY Bull Run!! Will we see a major retest down?
One of my favorite pair as obviously its in a BULLISH TREND. It has made a double top from around 1/22 where the BEARISH Run swing down began.. We are at a MAJOR WHOLE LEVEL 111.000 which it respected as Resistance. Two scenarios I have played out here but we are in a STRONG BULL MARKET right now. TREND IS YOUR FRIEND!
Half Level 110.500 --- if we beak that it will retest that level and possible go around the 110.250-110.00 level and make its way back up to retest the 111.000 level.
Another is if 110.500 acts as support to retest 111.000 level which feel we may see a dip down to the 61.8% Fibonacci 109.500 which I may set a sell limit @ 111.000 for 150 pips
Half Level 110.500 --- if we beak that it will retest that level and possible go around the 110.250-110.00 level and make its way back up to retest the 111.000 level.
Another is if 110.500 acts as support to retest 111.000 level which feel we may see a dip down to the 61.8% Fibonacci 109.500 which I may set a sell limit @ 111.000 for 150 pips
Comment:
looks like we may retest the 110.160-110.00 levels as of right now but may take the 110.500 area as support.. we shall see how this plays out
Comment:
This pair def hit the 61.8% sooner than i expected!!! who ever caught this made money!!!! MAJOR SUPPORT LEVEL 109.00 keep on the look out for that price