USDJPY: A Medium-Term Technical Look (Update)
Update: The price has managed to break 102.70 minor resistance, forming a Bullish Engulfing candle, Are we heading to retest the 61.8 retracement level again? So far the technical odds remain in favor of the uptrend resumption scenario.
Earlier Analysis(
) :
The price has started a corrective wave after testing a long term 61.8 retracement level at 105.60, where price currently lands at a key support at 100.60-101.20 area. The first test of the support area resulted in a bullish weekly hammer candle, which hints possible renewed bullish attempts this week. A break above 102.70 short-term resistance will probably confirm the bullish rebound scenario.
Alternatively, if price manages to break 100.60 that would signal more downside, for a retest of the 52-week average at 99.50 and on the longer run 96.55 support.
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Earlier Analysis(
The price has started a corrective wave after testing a long term 61.8 retracement level at 105.60, where price currently lands at a key support at 100.60-101.20 area. The first test of the support area resulted in a bullish weekly hammer candle, which hints possible renewed bullish attempts this week. A break above 102.70 short-term resistance will probably confirm the bullish rebound scenario.
Alternatively, if price manages to break 100.60 that would signal more downside, for a retest of the 52-week average at 99.50 and on the longer run 96.55 support.
twitter.com/thefxchannel
thefxchannel.com
