The USDJPY fumbled up and down in most of the US session, but a crack lower was strong enough to fall below the double-bottom and 61.8% of the move up from the June low near 157.364. The low-price extended down to 157.15 which was the same low going back to June 17 when the price bottomed against the rising 100-day moving average. The inability to break below that level and the subsequent move back above the 61.8% retracement, gave buyers ago had to push back higher.
What next?
The 50% midpoint of the same move to the upside from the June low comes in at 158.238. Going forward he would take a move above that level inclusive bullish bias. Alternatively, a move below the 61.8% retracement and 157.36 gives sellers another shot to push to the downside.
This article was written by Greg Michalowski at www.forexlive.com.
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