USD/JPY, 111.00 is a very strong support, but…

mario urlic forex usd-jpy 24.03.

If it will be attacked again, the same will be broken. It was very interesting on March 17./18. I followed the move here in my blog after FED, when there was a speculation that the BOJ has intervened in the market, after the pair rebounded for 100 pips sharply. But, soon after the move, officials from BOJ said that they don’t know what is hapening with Jen!? Well, who could tell is that truth or not? On my oppinion, that move was more SL hunting, because as I see it, the BOJ is waiting lower at aprox 105.00. That’s why I see that, if this support level will be attacked again from the sellers, it will be broken. Technical picture is in favor of the sellers now and the buyers have a lot to do if they want to return their bullish teritory. Only above 114.50/85 they could search for a new conslidation area and try to build a new support for higher levels. 116.50/75 is also a strong resistance. On the way back down, 110.70/111.00 is strong support, not only on daily chart, but as I showed before, monthly as well. Take a look at my analysis from February 23. This is clear technical picture in my chart, we will see if the next moves will be that clear as well!?

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