targets for USDJPY (if you go or stay short)

USD JPY = On 4 hour chart we will see a important support on 111.900. If we look at the past of the price, this level made many confluence points. Also we have a cluster matching the 0.382 fibo retracement and 161.8 fibo extension on down movement as we see on the chart. I think this level is very important to pay attention.

Comment:

Now the price on 1 hour chart may retest descending bottom trendline on the channel and proceed with down movement to reach the main target 111.900.

Comment:

The price broke the cluster 0.382 + 161.8 and going down.
The next levels based on fibo and confluence points if the price breaking 50% level, are come in 1st, the 61.8 of fibo retracement / confluence point 110.500, and 2nd, 0.786 fibo retracement level and 361.8% fibo extension matching a cluster. But they are not a strong cluster, because the levels not match perfectly.
Anyway, they are levels to pay attention if you prefer exit the trade.

Thanks for all views!

Comment:

At 0.618 fibo retracement match some pending buy orders and interest buyers. So, the sentiment is already bearish in my opinion. I described the 2 possibilities for the down movement to reach fibo retrace 0.786 and I predict this level as a main target for the long downside movement.
If one of these possibilities does not happen, a reversal movement is very probably.

Thanks for all views!!!