The USD/JPY pair broke down during the week, slicing through the 112 handle. If we can break down below the bottom of the candle for the week, I believe
The USD/JPY pair broke down during the week, slicing through the 112 handle. If we can break down below the bottom of the candle for the week, I believe that the market will reach towards the 110 level. Any type of supportive candle in that area could be a buying opportunity as it is near the 50% Fibonacci retracement level, but I believe in the short term we are going to see a little bit more bearish pressure. If we broke above the 112.50 level, that could be very bullish though.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
