USDJPY is testing the falling trend line and a strong downside support zone
USDJPY daily chart is revealing a hard test of the strong downside support zone 111.500-111.800Â zone. This zone is a stronghold for the downside extension. Only a daily close above the 111.800 level would invalidate the downside scenario.
On an H8 chart, we can see a slowing turn around price action around the 111.600 level which is also the 75% of the Fibonacci retracement for the last swing down. Look here for the short trade entry with the stop loss just 20 pips above somewhere between 111.800-111.850 targeting 110.600 level at least.
We have used the combination of the top-down trading analysis to get these key levels explained on the charts.
Happy trading! (click on the chart to enlarge it)
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$90 off Spring break discount for a limited time
Learn to trade from traders. Improve your trading skills and upgrade your performance by 60%. Powerful retail trading strategy-Trade less size win often (compounding profit trading strategy for retail traders) Increase your trading capital by smart trading compounding, by avoiding risky big size trades which are quickly ruining your capital.