USD/JPY LONG TERM ANALYSIS (TAKING A STEP BACK)
On the monthly chart of the Dollar - Yen going back to 1995 Interesting to note is these clear multi year trend lines. We can see that price is around a 50% retracement @100.711 of the Low in Oct 2011 @75.565 to the highs in July @125.856. So we could say price is in a retracement of a very long term uptrend but I think more importantly is the descending trend line that was tagged 3 times as resistance and on brexit tagged as support. I would like to see the Monthly RSI close at 40 but I also want to see price on a close bases above 100 In a reversal scenario.
What to take away from this is that the USD/JPY is at Long term multi year support and if it holds could reverse and move up to 166 Which was support back in 2015. If not long term down side support would be the 61.8% Retracement of Oct 2011 low to July 2015 High @94.77 and below that Technically price could fall to 80.00 but highly improbable.
What to take away from this is that the USD/JPY is at Long term multi year support and if it holds could reverse and move up to 166 Which was support back in 2015. If not long term down side support would be the 61.8% Retracement of Oct 2011 low to July 2015 High @94.77 and below that Technically price could fall to 80.00 but highly improbable.
