USD/JPY: time to sell
USD/JPY: time to sell. Infact the price has broken down the last key short-term static support. It is identified by 61.8% of the Fibonacci retracement and placed at 109.35. After violating both key dynamic supports on weekly time frame (EMA 20 and 200 periods).
Technically the price is set to a further downtrend. It is continuing this short/very short-term downtrend. This should lead it as the last step to retesting the first really important support. It could be found on the 78.6% of the Fibonacci retracement (set at 104.9).
Before this, there are only static supports of secondary importance, which should not be able to bounce the price and reverse the trend. Obviously if the macroeconomic scenario does not change.
This fundamental scenario is always uncertain in the eyes of investors, who are turning to the Japanese currency, using it as a "safe haven". This trade tensions between the US and China are tracing back all the major world lists.
So on USD/JPY: time to sell and we will wait for a confirmation on the weekly closing before set any trades. If it closes below 109.3 we will position ourselves short; vice versa we will enter long with a very short term position as for us the main trend remains bearish.
Technically the price is set to a further downtrend. It is continuing this short/very short-term downtrend. This should lead it as the last step to retesting the first really important support. It could be found on the 78.6% of the Fibonacci retracement (set at 104.9).
Before this, there are only static supports of secondary importance, which should not be able to bounce the price and reverse the trend. Obviously if the macroeconomic scenario does not change.
This fundamental scenario is always uncertain in the eyes of investors, who are turning to the Japanese currency, using it as a "safe haven". This trade tensions between the US and China are tracing back all the major world lists.
So on USD/JPY: time to sell and we will wait for a confirmation on the weekly closing before set any trades. If it closes below 109.3 we will position ourselves short; vice versa we will enter long with a very short term position as for us the main trend remains bearish.
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