Plenty on the docket to move USDJPY this week. Price has struggled this month since another topside failure towards 115.00.
This is a pair that tends to react the the round figure levels, and the location of the fibs from the Sept lows to the Nov high do a good job this time around in highlighting the importance of the big figure areas.
It’s a great example of how to keep things simple in charting and cut out the daily noise and distractions.The 38.2% was breached on the second attempt under 112.00, came to a halt just above 111.00 – 50%, then put in a weak bounce (yellow arrows).
These are the levels I will be watching to determine the next move. There are rumours of a barrier down at 110.00. I will check whether this has been confirmed and post in the comments section below .
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Ah, Horie if you used MA’s you would notice that D1 100 is at 111.626 and 200 is a touch higher at 111.703 and the price action moving higher was halted at the first speed hump.
Great analysis mate – thanks