USDJPY ~450 PIP+ BUY | @ SIGNIFICANT SUPPORT LEVEL
Directional bias is bullish. Currently in a down retracement. I have a buy limit at the weekly 61.8% retracement level @ 107.661. If we pass significant resistance level of 112.439, long term think we are headed to the 161.8% D extension @ 117.223. 112.439 is also the highest level for 2019 and is also the monthly CTL. I will take TP @ 112.439 and wait for further bullish confirmation to re-enter.
Currently price looks like it is having a tough time breaking through the 23.6% retracement level on the 1HR. If momentum continues to the downside, we could see price stall around 1.27% fib level @ 107.295 before we see it reverse.
Currently price looks like it is having a tough time breaking through the 23.6% retracement level on the 1HR. If momentum continues to the downside, we could see price stall around 1.27% fib level @ 107.295 before we see it reverse.