Usdjpy short

14 de ago. de 2016

As usdjpy continues to make its move down that started back in February, price has repeatedly failed to hold any support, i.e 116 area 111 area and 105 area. price continues to climb down as we can clearly see bears are pulling the market down. we can see this happening as we seen bulls try to pull the market back up above 105 area but only reached the 107 area as bears came in and easily took back control, also noting that 107.50 area is the 38.2 fib, fib from February to last low: and especially after the move down on Friday as bears pulled price under the 101.50(support area). We can clearly see price repeatedly touching 101.50 and 100 area while also noting that we have multiple touches across what i believe to be a demand zone and with each touch its becomes weaker. I believe that price will retrace off the high from 102.50 (8-8-2016) up to the 38.2 fib which i have marked at 101.471. in the area from 101.47-101.80 we should start to see a reversal and if price fails to break 101.25 area i believe we will see a reversal from here.if price breaks past 101 area we will see the next level of support being touched.