USDJPY remains in downtrend from 123.75, the rise from 110.97 could be treated as consolidation of the downtrend. Resistance is at 115.00, as long as this level holds, the downtrend could be expected to continue, and next target would be at 105.00 area. Only break above 115.00 resistance could signal completion of the downtrend.
USD/JPY is currently trading with a slight bullish bias. We are waiting for a clear breakout above 112.43, to mark the continuation of a bullish trend. Ideally, wave© should continue long with an ultimate target at 116.67. In an alternative case scenario, in case the price breaks below the support trend line-forming bottom of the falling channel, then we will look for short positions but only up to 111.30.
urther fall would be seen to 38.2% retracement of 75.56 (2011 low) to 125.85 at 106.63 and possibly below. Break of 115.96 support turned resistance is needed to be the first sign of completion of the correction. Otherwise, risk will stay on the downside in case of rebound.
Further fall would be seen to 38.2% retracement of 75.56 (2011 low) to 125.85 at 106.63 and possibly below. Break of 113.81 resistance is needed to be the first sign of completion of the correction.
Break of 113.81 resistance is needed to indicate near term reversal. Otherwise, outlook will stay bearish in case of recovery
There is a confirmed and a strong buy signal. The price is above the Ichimoku Cloud and it is above the Chinkou Span. The Tenkan-sen and the Kijun-sen show a horizontal movement. The upward movement will be until the price is above the Cloud. The potential growth target is the resistance level of 113.80. The potential decrease targets are two levels of support: 113.00 and 112.20.
USD/JPY went like hot knife on butter, and it was very much expected after the recent events, I believe it’s good opportunity for us to get into sell since over next few weeks, it’s possible to see the pair dipping even further down to 100 level.