SDMarik

Some big levels coming down the pipeline for JPY!!

FX:USDJPY   U.S. Dollar / Japanese Yen
109 1 3
Ok, So I am sure everyone on here was witness to the action of USDJPY             over the last 24 hours. It tested a support line a couple of times before it took north off 80 pips in a few minutes, only to come back down, break through the support line we were all watching, and collapse.

The next support level which I would say is a medium-strong level is down at 110.00 (bear in mind, nice whole numbers can provide a little extra support/resistance ). However, after that the net level which I would consider VERY significant is 101.40, it was tested for about 6 months in 2014 and is also a fib retracement of 50%. This level should prove to be very significant, if we break below that and fall under 100.00 there can be pips on the short side in the thousands rather quickly, ESPECIALLY if the current Asian economy heads the direction people are thinking it will.

But a level this strong can also provide a very, very substantial bounce. We most likely have some time before we get to these levels, there can be plenty of money made along the way, but set your alerts so you don't miss this action when we get there!
there will be no bounce till 100! the final target is 75!
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