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Hello community.
At this moment USD/JPY mark 112.64
My opiniom for the week ahead: sideways
Checking on chart:
As we can see on chart, 1st Support is working as a solid baseline from half of January. It is also the important Fibonacci Retracement (38,20%) level. If the price cross the support line then we can assist further decline to Fibonacci Retracement (61,8%) around 109.00. If not as I believe it has space to return until 114.00 well below the upper limit ongitudinal descending line. However, we have a medium term (1 to 2 months) clear descending line. So, in my opinion it will be risky buy this pair and probably the best option is wait and sell on highs.
Good luck!
At this moment USD/JPY mark 112.64
My opiniom for the week ahead: sideways
Checking on chart:
As we can see on chart, 1st Support is working as a solid baseline from half of January. It is also the important Fibonacci Retracement (38,20%) level. If the price cross the support line then we can assist further decline to Fibonacci Retracement (61,8%) around 109.00. If not as I believe it has space to return until 114.00 well below the upper limit ongitudinal descending line. However, we have a medium term (1 to 2 months) clear descending line. So, in my opinion it will be risky buy this pair and probably the best option is wait and sell on highs.
Good luck!
