USDJPY - Continued USD Weakness Will See Price Hit the Floor
We are rapidly approaching four (4) key levels, which if broken, will result in a minimum 500 pips waterfall. On the weekly chart, between 12/15/14 and 18/01/16, price bounced off a range of around 50 pips (116.082 - 115.561).
If we break this key level, then It's going to be all downhill from here, until price reaches 110.091 (Higher-high 29/09/14).
Finally, Fridays sessions ended with a Doji (www.tradingview.com/x/nN8e74zO/). Therefore, the market might be eyeing off this level. Or, on the other hand, this Doji could mean we are about to take off for the 125 level and beyond.
I am going to take a short at 115.40 and ride it down to 110.050.
Regards,
Andrew.
If we break this key level, then It's going to be all downhill from here, until price reaches 110.091 (Higher-high 29/09/14).
Finally, Fridays sessions ended with a Doji (www.tradingview.com/x/nN8e74zO/). Therefore, the market might be eyeing off this level. Or, on the other hand, this Doji could mean we are about to take off for the 125 level and beyond.
I am going to take a short at 115.40 and ride it down to 110.050.
Regards,
Andrew.
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BTW... I'm not suggesting that this price level will necessarily be broken this week. It looks like we may see a retrace in general bullish USD sentiment and then continue the bearish trend.
