Salzworth

Bearish Outlook on USDJPY - 28 July

Short
FX:USDJPY   U.S. Dollar / Japanese Yen
Price has been adhering to the observed descending trendline on the H4 timeframe. A pullback to the key resistance zone at 141.20, which coincides with the 78.6% fibonacci retracement, could provide the bearish acceleration towards the next support zone at 138.20, which is in line with the 127.2% fibonacci extension. Price is hovering below ichimoku cloud and 20EMA, supporting our bearish bias.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.