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Currency analyst

USD/JPY: bears conquer new territory

On the daily chart USD/JPY breached below the lower border of 100.83-102.69 consolidation range and the downtrend resumed. As its targets we can name 99.94 (88.6% Fibo of the last bullish wave), 98.96 (100%), 97.84 (113%) and 96.61 (127.2%). The former support at 100.83 acts as the main resistance.

On H1 the bears keep the situation under control. The pair's moving towards the lower border of the uptrend channel. The main strategies are to sell on growth and on break of importent support levels.

 

 

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