USDJPY has been under the price 116.000 since 2018, only breaking the streak in January of this year at 116.117. The pairing seems to be establishing new trends after ranging below for four years, so movement may seem more sporadic and not as easy to measure as usual.
I have two different scenarios based on the current price action using the Fibonacci scale method.
USDJPY can continue its bull run, and the price could potentially push onward to 117.100 resistance zone on the H4 chart.
If the pair goes on a downward turn, a good sell entry zone would be around the price 115.500 or .25 on the Fib scale, with an even safer entry around 115.250. If USDJPY goes bearish, I am expecting a big price dump correction potentially down to the support zone of 113.800 or .75 on the Fib scale.
Tell me what you think of this analysis in the comments below.
Trade Safe.
I have two different scenarios based on the current price action using the Fibonacci scale method.
USDJPY can continue its bull run, and the price could potentially push onward to 117.100 resistance zone on the H4 chart.
If the pair goes on a downward turn, a good sell entry zone would be around the price 115.500 or .25 on the Fib scale, with an even safer entry around 115.250. If USDJPY goes bearish, I am expecting a big price dump correction potentially down to the support zone of 113.800 or .75 on the Fib scale.
Tell me what you think of this analysis in the comments below.
Trade Safe.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.