USDJPY Bearish Outlook
The USDJPY pair broke below the ascending channel and the neckline of a head and shoulders pattern last week, followed by a significant momentum weakness. Based on my personal analysis, I expect the pair to undergo a corrective move towards the broken neckline, where it also aligns with the 23.6% Fibonacci retracement level and the 100-period moving average on the 4-hour timeframe - both of which often act as support or resistance levels for the pair. After the bounce, I anticipate the price to resume its downward movement towards the 134.200 and 133.100 levels.
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
-------------------------------------------------------------------------
Let me know your thoughts in the comments, and show your support by liking the idea.
Please follow if you're interested in more ideas like this.
Your support is greatly appreciated!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.