USDJPY
120.24
A symmetrical triangle on the 4H chart
Is market has reversed its recent downward breakout or it is just retrace the move?
More probably it is a matter of retracement and consolidation, to be in the safe side of that market wait for a breakout of the shown triangle on the chart, according to its breakout it will be a higher probability trade.
All in all; as market is trading below 122s levels then a lower target at 118s levels is considered by a major players.
On the Mid-Term:
Generally, the market should activate a mid-term down trend mode targeting the levels of 116-114-112. However, in case the recent retracement failed and the market successfully closed within the rising channel one more time! (Which is probable scenario because of generated buying pressure as shown at the chart!) The market would continue its upward direction till reaching the upper band of that channels @ 125 /127 levels. However, it is still early to judge the chart and the market so we would keep our downward scenario active with decreasing the probability of continuation of the downward breakout!
On a longer-Term View:
On the longer-term view, as long as the market is trading higher than 112/110 levels then we still see higher probability of the USDJPY to reach 125/128 as a main long-term targets as long as all factors of the economic condition with no major change.
Daily Trend: Down
Weekly Trend: UP
| Support | Resistence | |
| Level 1 | 120.00 | 121.50 |
| Level 2 | 118.50 | 122.80 |
| Level 3 | 116.90 | 123.67 |
