Updated

USDJPY at "a" support but will not hold? UJ likely headed lower

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:

USDJPY at or near a "Top" ? UJ short Idea

Previous Bounce call:

USDJPY approaching Support Zones: Yen retrace watch

And a Bounce call before that one:

USDJPY long Idea based on Fibonnaci Extensions: Yen 9 to 4 play

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

so the immediate resistance of concern is the red 2.236 at 109.824

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Note

Broke through the 2.236 fib with some gusto

now to see if can go test resistance at the 1.618 ... or attempt retest of 2.236 and fall through ....

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Note

Under the micrsocope, we do have a nice impulse going

eyes on that 4.236 right now

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Note

Retest of red 2.236 underway, as expected

a bounce here would be a great sign for bulls. But so far only a pause, lets see if it turns into any kind of a bounce

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Note

uh oh, fell through support, now looking at next zone down

will see if any new Impulse waves are developing and update if spotted.

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Note

Possible impulse wave down going into NY open

EuroMotif

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EuroMotif

the Golden Ratio is my Religion
the Trading View is my Nation
the Moderator Tag is my Flag