Trend warriors gather!
USD/JPY is rapidly approaching the main trend retracement level on the daily timeframe!
Do you think that the pair will find support from the region?
USD/JPY Daily Forex Planned by TV
I don’t know if you noticed it, but the rejection of USD/JPY from the psychological 145.00 area made the bears on the USD pile on short positions as if there was no tomorrow.
USD/JPY is now trading below 140.00, which is only a few hundred pips away from the psychological 138.00 level.
Get ready to see at least one round of buying from the 138.00 area as it is close to the 50% Fibonacci retracement, the 100 and 200 SMAs and the S2 (135.94) Pivot Point on the daily timeframe.
More importantly, 138.00 is not far from the trend line support that has not been broken since the beginning of the year.
The USD/JPY bears can take advantage of the pair’s bearish momentum and ride the current downtrend until USD/JPY reaches two support levels.
If you are more comfortable trading with the trend, you can start placing orders around the potential buy areas that we have identified.
Whatever bias you end up with in trading, be sure to study up Average fluctuations for USD/JPY And follow your trading plan to a T so you can trade for another day!