USD/JPY, strong support is broken, but it’s not over yet!

mario urlic forex usd-jpy 05.04.

As I predicted, the strong support level at 110.70/111.00 is broken, but there is more fight to come for the sellers. As you can see here in this weekly chart, the buyers teritory could be all the way to 109.70, from were they could turn over the pair in their favor and that’s what worries the sellers now. There is not much important news in the market, some officials from BOJ said that they have monitoring the market moves closely… Hm, it’s a tough to say something in favor of the Japanese Jen now, it’s just not favorable here, despite risk sentiment.

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One comment

  • edwardcwk0526

    I think it might need to really break it and solid candle. Bearish engulfing then only can enter this pair?

    Liked by 1 person

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