Trade Idea: USD/JPY - Stand aside Despite Fridays rally to 103.76 (exactly 1.236 times projection of 100.76-102.83 measuring from 101.20), the subsequent retreat suggests consolidation below this level would be seen and initial correction to 102.78-84 (38.2% Fibonacci retracement of 101.20-103.76 and Fridays low) cannot be ruled out, however, reckon downside would be limited to 102.45-50 (50% Fibonacci retracement) and previous resistance at 102.29 should turn into support and contain weakness, bring rebound later. On the upside, above 103.50-55 would bring retest of said resistance at 103.76 would extend the rise from 100.76 to 104.00 but loss of upward momentum would prevent sharp move beyond 104.50-55 (1.618 times projection of 100.76-102.83 measuring from 101.20), bring retreat later. #instaforex
Posted on: Mon, 10 Mar 2014 08:38:31 +0000
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