After seeing some downside there is potential for a retrace to a previous area of support or to the trendline. Countertrend trade so will need watching
USDJPY hourly has been trending up. On the Asian open there is a gap down, effectively breaking the trendline for a possible short set-up. SL above the previous high on 19/01
There is evidence of price rejection at 140.00, with recent bull candles failing to better the current session high or to breach the round number.
After a strong down move yesterday and now a 61% retracement, we may be setting up the start of a continuation move to test yesterdays low at 139, as we head into the next session.
Look for a break of the bull...
After a strong move down yesterday there has been cautious retrace back to the 140.00 level. There is evidence of selling pressure building up below this level with some lower lows forming below the Tokyo Session high, suggesting a potential continuation of the downmove brewing as we enter the next session.
