empty
 
 
16.02.2022 04:00 PM
USDJPY vulnerable to more downside.

USDJPY is trading around 115.55. Price has managed to retrace 61.8% of the recent decline from 116.36 to 115.03. Price seems vulnerable to the downside as the recent high looks like a failed attempt to break above 116 again.

This image is no longer relevant

Red lines - Fibonacci extension targets

At current levels we prefer to be bearish USDJPY looking for a move towards 115 and lower. Resistance is at 115.80-115.90. As long as price is below this level we remain bearish short-term. First target is at 115 and second target at 114.60. If bulls manage to recapture 116-115.90 then our bearish short-term scenario gets cancelled.

Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $6000 more!
    In December we raffle $6000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS

Recommended Stories

Can't speak right now?
Ask your question in the chat.
Widget callback