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USD/JPY Retraces but Sellers are Waiting

By
Nenad Kerkez
Published: Mar 11, 2020, 08:42 GMT+00:00

The USD/JPY is moving towards 106.30 the POC confluence zone. At this point we might see a retracement but watch out for fresh sellers.

USD/JPY Retraces but Sellers are Waiting

Dear Traders,

The USD/JPY is moving towards 106.30 the POC confluence zone. At this point we might see a retracement but watch out for fresh sellers.

106.30-40 is the zone where we might see fresh selling. If the price moves within 106.30-70, fresh sellers could join and turn the price lower. Targets will be 104.35 followed by 103.36 and 103.30. We can see a counter trend move now, but watch for above mentioned scenario in case price starts to turn.

The Analysis has been done with the CAMMACD.Core and Sit Systems

 

About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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