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U.S. Dollar / Japanese Yen
Short

USDJPY, Bearish pressure incoming

47
USDJPY 1H chart

On the 1H chart, we can see that the chart has a few confluences,
1. Price rejected off the 0.886 fib level of the initial 3 wave down move
2. Price also rejected off the 3rd touch of the minor trendline
3. Price also rejected off a minor parallel channel
4. With the latest move down, price attempted to push up but got rejected quickly off the 0.618 fib level and took out a large portion of the previous bullish engulfing bar
Syorfx
Also on:
FibonacciForexParallel ChannelTechnical AnalysisTrend LinesUSDJPYusdjpyanalysisusdjpyshort

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FibonacciForexParallel ChannelTechnical AnalysisTrend LinesUSDJPYusdjpyanalysisusdjpyshort
Syorfx
Also on:

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.