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hey everyone ,,
For those interested in shorter-term levels of focus than the ones above, these levels signal important potential pivot levels over the next 48-hours.
Specifically, traders keep an eye on support at 116.04, the December 30 low, because a break there could open up a sharp retracement against the post US election rally that is caused USD/JPY to appreciate by 17%. Two levels to watch on a further breakdown would be the 23.6% retracement at 114.53 followed by the 38.2% retracement of the post-election rally at 112. A hold of 116.04 could mean the strong rally set to continue and move toward the 2016 high of 121.63 is in the works.
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dailyfx
For those interested in shorter-term levels of focus than the ones above, these levels signal important potential pivot levels over the next 48-hours.
Specifically, traders keep an eye on support at 116.04, the December 30 low, because a break there could open up a sharp retracement against the post US election rally that is caused USD/JPY to appreciate by 17%. Two levels to watch on a further breakdown would be the 23.6% retracement at 114.53 followed by the 38.2% retracement of the post-election rally at 112. A hold of 116.04 could mean the strong rally set to continue and move toward the 2016 high of 121.63 is in the works.
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dailyfx
