And finally, the USDJPY had a nice rhythm after the significant bearish engulfing pattern that happened on OCT 6th ( shooting star on the daily was mention on the previous post).
the pair has broken 112.20 and pulled this market toward 111 regions, personally, I'm aiming for 111.50 as the market is still trading below 112.50. a break below the first target may push the pair to the next station at 111.20 on the short run if it sustains the pressure.
nevertheless, keep in mind the 111.50 is a very important support area where the price might meet the 50 EMA on the daily chart and perhaps would cause a pause there before either breaking down or rebound from there.
the pair has broken 112.20 and pulled this market toward 111 regions, personally, I'm aiming for 111.50 as the market is still trading below 112.50. a break below the first target may push the pair to the next station at 111.20 on the short run if it sustains the pressure.
nevertheless, keep in mind the 111.50 is a very important support area where the price might meet the 50 EMA on the daily chart and perhaps would cause a pause there before either breaking down or rebound from there.