USDJPY Lookout Below!! - MAJOR SUPPORT BROKEN

in #forex7 years ago (edited)

Screen Shot 2018-01-14 at 11.30.41 PM.png

Here on the daily chart we broke a major support level of 111.22. Seller's clearly have the momentum herewith a foreseeable target of 108.42.

As far as price action is concerned, we are in a downtrending channel (notated by the 2 downtrending diagonal lines). Today being Sunday/Monday (depending where you are in the world), price may hit the bottom of this channel, come and retest 111.00+ before continuing downwards.

The market always likes to retest and respect levels before a trend continuation, just to be sure whether the buyers or sellers have control in the market.

What are your thoughts? 🤔

Sort:  

Hitting on my fav. pair. I was trading this pretty actively until crypto completely took over my world. ;-)

I love USDJPY. I'll be posting regularly with more analysis, stay tuned :). What other pairs did you trade?

That was really it. I mainly trade equities, now its all ignored for crypto lol. You should check out @forexbrokr he posts about currency a pairs too.

The @OriginalWorks bot has determined this post by @r3negadetrader to be original material and upvoted it!

ezgif.com-resize.gif

To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!

Please note that this is a BETA version. Feel free to leave a reply if you feel this is an error to help improve accuracy.

Your Post Has Been Featured on @Resteemable!
Feature any Steemit post using resteemit.com!
How It Works:
1. Take Any Steemit URL
2. Erase https://
3. Type re
Get Featured Instantly – Featured Posts are voted every 2.4hrs
Join the Curation Team Here