Last week USD/JPY finally broke past its major support around 108 level to drop to fresh lows for 2017. There is no support in sight expect a late year Trump rally in November 2016. Maybe we will start to trend lower for some coming months late in the year like last year after consolidation for most of 2017.
This week though we should still see some continued move down. Possible retracement after such a large drop is possible as well which could provide as new selling opportunities as this old support will now act as a major resistance level. This breakout looked imminent over the last couple weeks price action.
This week though we should still see some continued move down. Possible retracement after such a large drop is possible as well which could provide as new selling opportunities as this old support will now act as a major resistance level. This breakout looked imminent over the last couple weeks price action.
Comment:
Well that escalated quickly...
