Hello traders,
Looking at 4 hour chart for USDJPY, we see the clear rejection at 0.382 Fib level.
Usually, in ABCDE correction, we will see 0.382 Fibonacci retracement (Wave B) followed by wave C, which is 1.618 times longer than wave A. The target for Wave C is 108 where we see a confluent zone of support.
Minor note: I still think USDJPY can go up to 113 and find that level as resistance instead of 112.7. There is just a confluent layer of resistance around that zone, and it seems to be more natural that way.
Looking at 4 hour chart for USDJPY, we see the clear rejection at 0.382 Fib level.
Usually, in ABCDE correction, we will see 0.382 Fibonacci retracement (Wave B) followed by wave C, which is 1.618 times longer than wave A. The target for Wave C is 108 where we see a confluent zone of support.
Minor note: I still think USDJPY can go up to 113 and find that level as resistance instead of 112.7. There is just a confluent layer of resistance around that zone, and it seems to be more natural that way.