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FX.co ★ USDJPY to approach our second target early this week.

USDJPY to approach our second target early this week.

USDJPY is under pressure. Last week we noted that price was vulnerable to fall from 115.55 towards 115 initially and towards 114.60 on a second phase. So far price has reached our first target at 115 and we expect this week to see 114.60 as well.

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USDJPY to approach our second target early this week.

Black lines -Fibonacci retracements

Red lines- Fibonacci extensions

USDJPY is starting the week below 115. Price is making lower highs and lower lows. Making a lower low on Monday will be key for reaching our second target at 114.60. We remain bearish USDJPY as long as price is below 115.32. If bulls manage to recapture 115.32, then we will start talking about a new base being formed around 115 and the 61.8% retracement of the last leg higher.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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