USDJPY surrunding the 61.8% Fibbo, it should be find some resistance before any break. Also is playing just above the 200 day`s for the second day. Volume Buyers indicating in control.
AS Long as the uptrend is respected, we are buying in any bounce back in the trend line area or we are happy to wait until the break of the 61.8% fibbo abd go on with the wave....
Double top at 1.43
Selling mode since mid April
@ 2016 Trend Line
Two Trades Set up:
1. Short on any bounce high, with stops on the last Support and targeting the 1.3260 region.
2. Wait for the break and go short, stop loss should be placed at 13575 area, targeting 13260 region.
The Pair has been in control of the sellers, at the moment is testing the 1200 levels were will expect a strong support from the buyers.
If support fail to hold, a very good opportunity to short the pair will be on the table, the pair still above the MA200 and holding well at 1.210 levels.
A Entry Opportunity in any bounce on the 38.2 % Fibbo Should give a Opportunity to target the next level on the Fibbo as 1st target, if Stops placed on the lower levels of support should give you a Risk Reward Ratio of 1.51.