Updated

USDJPY Long

USDJPY now reaches 109.484.

The previous top above 114 means this level is a prime candidate for a bottom.

Should this level fail, there will be another 100-pips decline at least.

Note

Update-

There Exist a few Scenarios. Scenario 1 is this level proves to be a a major bottom and this pair rallies from here. This is the situation we should presently prepare for.

Another option is that a less important bottom is created here. In this Case, or in the case that no bottom is created at all, this pair should decline and find a bottom between 107.2 and 106.7.

Note

If a smaller, less important bottom is created here, then the rally should be 140-200 pips, before declining back toward the levels previously mentioned.

Note

The 10th-11th, 15th, 18th, and 24th of June are important turn dates. Watch for any of these scenarios to possibly unfold on these days this month

Note

Well, The rally has certainly begun from the level mentioned.

I expect this pair to trade above 115 in the coming weeks.

davesp1903

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davesp1903