On this chart we can clearly see that there is a strong resistance around the 109.490 region. In addition to this, we have seen a possible reversal in the trend as seen on a daily chart. We believe this is the case as you can see the first lower low has been formed where the yellow circle is @107.800. Finally, by using a Fibonacci retracement from the daily swing high and swing low we can see that we are currently sitting on the 0.612 fib level. If other traders have this analysis on their charts we can start to see a huge sell off meaning that USDJPY will be bearish and XAUUSD will become bullish.
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