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Tickmill
Jan 15, 2018 7:17 AM

USDJPY major support broken! Short

U.S. Dollar/Japanese YenFXCM

Description

USDJPY has finally broken major support at 110.96 (major 50% Fibonacci retracement, horizontal overlap support stretching back to mid August 2017). This could potentially trigger a strong sell off which could drive price down towards 109.88 support (100% Fibonacci extension, Fibonacci retracement, swing low support).

RSI (34) remains in a descending channel showing that there is still bearish momentum in this move.

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