Forex Forecast – USDJPY This Sell Could Be a Huge One
Price is about to retest the upper parallel of a median line set, drawn based on weekly structure, at a level where any sell setup completion may be a a long term trade. As we may see price was rejected many times at the upper parallel (red arrows), somthing that happened during the last week (previous bar). At the same level we also have previous structure and the 0.786 fib of previous downmove, all together making a powerful sell zone.
In Other View Point – Shorting USDJPY after a Double Top or a .886 Retracement
118 is a very strong Resistance Level and breaking above 118.650 only means 123 is next. I wouldn’t be short on USD while its year end and alot of crazy things happening around the world right now since USD is a safe haven and has a great outlook of 3 rate hikes in 2017 as per Chair Yellen.
In Another View Point – USDJPY NEAR RESISTANCE ZONE!
MARKET ANALYSIS: The pair is now trading after a fib 50% retracement level. Once the market breaks the resistance level near 118.00 we can expect a new high to the next possible resistance at the 120.30 level. So lets wait and see if the market could break the resistance and head north.