USDJPY at "a" support but will not hold? UJ likely headed lower
Updated
Risk-off sentiment (and thus Yen) has been strong.
UJ has just hit a support but it probably will not hold.
There are some support zones below worth watching.
109.2x is likely to be tested.
109.xx should be strong support.
108.5x break puts uptrend at risk.
This is part of my ongoing Dollar/Yen analysis:
Last call was the Top to short:
Previous Bounce call:
And a Bounce call before that one:
UJ has just hit a support but it probably will not hold.
There are some support zones below worth watching.
109.2x is likely to be tested.
109.xx should be strong support.
108.5x break puts uptrend at risk.
This is part of my ongoing Dollar/Yen analysis:
Last call was the Top to short:
Previous Bounce call:
And a Bounce call before that one:
Note
Zoomed in, the Red fib was based on the Impulse caused by Weekend gap. And that first supprot was exactly at the 2.618 extension .
Note
Broke through the 2.236 fib with some gusto .
Note
Under the micrsocope, we do have a nice impulse going .
Note
Retest of red 2.236 underway, as expected .
Note
uh oh, fell through support, now looking at next zone down .
Note
Possible impulse wave down going into NY open .
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