USDJPY 4Hr Short!
This idea is VERY SPECIFIC (and simplified) in that: Price has tested and closed (this past week) below a very important Daily Resistance Price = 119.322
Resistance Price 119.322 has corresponding Supporting Price at 116.488.
This idea remains valid only if downside Rejection at 119.322 sustains-- Meaning, price in time will drop to Support 116.488 for tests-- And failure to support at 116.488 will cause further decline to 111.028 for tests.
What if 119.322 turns to Support? Next Daily significant Resistances are 120.681 | 123.353 | 130.945
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Note
Resistance 130.945 has seen tests and given more than 50 Pips rejection within seconds, this could be a very good sign.... Corresponding Support for 130.945 is at 123.353. For now, best descending reaction (if applicable) is for price to fail 130.127, 129.497 and most importantly 129.441
Note
Also note that:If upside continues: Major Peak Resistance is at 137.725 | 138.020 with corresponding Support at 129.441-- these are derived from Monthly timeframe.
Note
Note
USDJPY is bound to free-fall if DXY weakens-- At the moment JXY (Yen) is gaining whereas DXY is ranging at Resistance (103.966 - 104.321)
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