The zone around 112.200 – 112.000 proved to be a very strong support and USD/JPY has been struggling to break out below it for three days without much success.
In case the pair does break out below it I think we could expect it to reach the next support on its way down, which is around 111.50.
The market week will end soon and it is important to see how the W1 bar will close. My expectation is for some hesitation around 111.50 - 112.000 before the pair continues depreciating to 111.000 – 110.500.
The zone around 112,800 - 113.000 is critical to the upside.
Very helpful analysis1
ReplyDeleteIt could be a good turning point.
ReplyDeleteIt's bearish for now.
ReplyDeleteGood to know, thanks!
ReplyDeleteGood insight.
ReplyDeleteGood point! I'll keep an eye on it.
ReplyDeleteConsolidation continues.
ReplyDeleteGood post. Very helpful.
ReplyDelete