USDJPY Analysis: Testing Important Cloud Resistance

In the 4 hour chart as shown below, USDJPY is now testing important Kumo (cloud) resistance. At current levels, the price is at the 61.8% Fibonacci retracement of the decline from 110.66 to 107.31.

(Click on image to enlarge)

Short-term support is found at 109.25-109.05. If this area is broken downward we could see a rejection that could start the next leg down in USDJPY. Daily trend remains bearish as price is below the Daily Kumo and the downward sloping black Trend line as shown below.

Thank you for taking the time to catch up on my thinking…..

Disclaimer: All persons and entities contributing to the content on this website, and their representatives, agents, and affiliates are not providing investment or legal advice on this website.Nor ...

more
How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.