USDJPY analysis for next week - What do you think?
UJ remains in a long term down trend on the daily. In addition, the 'Sell in MAY' hypothesis may be relevant for the pair giving more downside.
Looking at price action, we are sat around a key zone. If UJ breaks to the upside, I believe the highlighted black area will hold based on previous action and the fact it represents the 0.5 - 0.61 FIB level, thus push price lower after. (A)
An alternative scenario is that we fail to break the current supply zone and fall back down.(B)
Also believe (A) is more likely.
What do you think?
Looking at price action, we are sat around a key zone. If UJ breaks to the upside, I believe the highlighted black area will hold based on previous action and the fact it represents the 0.5 - 0.61 FIB level, thus push price lower after. (A)
An alternative scenario is that we fail to break the current supply zone and fall back down.(B)
Also believe (A) is more likely.
What do you think?