USDJPY short
Price has made a very strong push lower to set a new LL (long lower wick from the January Flash Crash) and has now retraced back up to strong Daily resistance. This resistance level is a critical Psychological resistance being 110.00, as well as the strong Fibonacci level of 618. We have also seen some price action in the form of candlestick patterns under this resistance. Most recently, we have a bearish rejection shooting star reversal pattern off this zone. We now will be looking for price to head lower, back down to the blue Weekly support level.
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