We’ve had three failed attempts at 108.00 now and the latest could see another push down to the recent lows
The charts don’t lie. 108.00/50 has been the area we noted likely to show the biggest resistance after last weeks low and we’ve seen that resistance solid well ahead of it at 107.85/90. The attempt yesterday was the third and now the sellers are back in force.
USDJPY H1 chart
The support picture might need to develop a bit but 106.50/60 is one area to watch, and then possibly stronger down at 106.35/45, as that m,arked a temp top on the bounce form 105.50. We’ve been speaking today about the potentially large support building down around 105 so I would suppect to see the 106 handle holding some as the front-runners come out ahead of the 105’s. I would also expect the 105.50 lows to be protected around the 105.75/85 area.
For the rest of today, and possibly moving forward, as the sellers solidify 108, 107.00/10/20 should now see resistance, with more at 107.40 & 107.60.
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Yap and bounced back from the 23.6% fibo at 106.65. Until a few weeks ago, I never used this one but, thanks I don’t remember which one of the team…. I started 😉 My fibo is from the 5.02 not 2.02, but not a big difference.
Good stuff Stephane. There a couple of guys who use it. I don’t personally but if it works, it works eh?
Yap…. since I’m watching it, seems it does 😉