juanclos

Instructive support and resistance behaviour

FX:USDJPY   U.S. Dollar / Japanese Yen
18 2 1
The explanation is in the chart.
print too small
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juanclos JCrusadr
Ok the size doesn't help, the hourly close becomes support in this uptrend, in this case 120.55, the length of the pierce is the base of the Fibonacci projection 121.172 is 423.6 % from 120.353, bottom of the piercing; the next move a retest of the pierce, but taking into account 120.55 line as base and the top the distance to project a 161.6 % downward.
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