USDJPY.....what is the next move after the consolidation breakou
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For most of last month USDJPY was in a wide range (consolidation ) of about 100pips
USD strengthen a little and pushed the price back into the consolidation area
But USDJPY sold below the 107.000 but a pull back upwards left a wick above the 107.000 area
The pullback was just 50% retracement of the sell
Price fell downwards and it is still under 107.000
Price may extend down wards to 127.2 extension or 1.414 extension
For most of last month USDJPY was in a wide range (consolidation ) of about 100pips
USD strengthen a little and pushed the price back into the consolidation area
But USDJPY sold below the 107.000 but a pull back upwards left a wick above the 107.000 area
The pullback was just 50% retracement of the sell
Price fell downwards and it is still under 107.000
Price may extend down wards to 127.2 extension or 1.414 extension