USD/JPY closed at 105.712... based on the daily chart
observations reveal that USD/JPY has not broken that strong
level of support. If the USD/JPY breaks this support struct we
can see a test down to the 100.00 level, if a reversal occurs
and the USD/JPY fails to break support I will expect a retrace
back to the 114.00 support level.
ABC Retracement back to the 50 percent fibo area on the first bullish leg. If we can get two more successfull retracements we will possibly be entering an upward trend and will buy the dips.
So the Ema's are all pulling back in an upward trend! also we can see that the Stochastic is oversold, not to mention that the Fibo has a recjection at the 0.618% level. I will be going long here! lets see..
Good Bullish ABC Patterson setup. EMA's are pulling back along with two Fibo 0.618 retracements. If an additional retracement occurs, I will enter a buy trade and hold.