USDJPY: choosing right entry point
As expected USDJPY has retraced from long-term resistance area 123.80 down to static support line 120.30. Likely scenario is further USDJPY decline.
In short-term outlook USDJPY corrects higher after bearish wave 123.48 -> 120.32, potential reversal points are
- 121.20, current resistance from 08.Dec local highs;
-121.53, static line, 38.2% Fibo correction level and R1 pivot point combined;
- 121.66, trend line projection from Sep-Nov highs.
Test and reversal in 121.53/66 area is more likely expectation. Close above mentioned area indicates further growth targeting 122.20.
In short-term outlook USDJPY corrects higher after bearish wave 123.48 -> 120.32, potential reversal points are
- 121.20, current resistance from 08.Dec local highs;
-121.53, static line, 38.2% Fibo correction level and R1 pivot point combined;
- 121.66, trend line projection from Sep-Nov highs.
Test and reversal in 121.53/66 area is more likely expectation. Close above mentioned area indicates further growth targeting 122.20.
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