Since mid 2015, USDJPY has seen significant declines--recently hitting the 104 handle. With that said, there is no indication of any kind of slowdown or potential reversals to the upside given the recent impulsive-corrective structure on the daily to intraday charts. As seen on the chart, the red boxes highlight the impulsive moves that consistently create new lows while the green corrective areas are consolidation areas with weak price action before the trend continues to head lower.
We have recently hit another consolidation area between the 103.5 - 105 level aka another correction zone. Price looks like it is consolidating in anticipation for another move to the downside. The upper end of this consolidation zone around 104.5-105 offers an excellent opportunity to join in on this very prevalent downtrend. Conservative traders can target the lower end of this range at just above 103.5 as their target while more aggressive traders can look to continue riding this trend.
If you agree with this analysis, hit the thumbs up. If you want more content like this, follow me. Message me with any questions you have or comment.
I believe it will hit around 105.5@Least b4 heading back down however
NBent
⋅
Very possible. A move toward 105.5 would be a pretty significant corrective swing compared to the ones we've been having this past month that I've highlighted on the chart in green (In relation to the 20 EMA). But ultimately there's a ton of overhead and it looks like the order flow is heavily in favor to the downside.