Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups.
Prices are holding above horizontal swing low support and ascending trendline support, in line with 78.6% Fibonacci retracement. We expect prices to rise further to the take profit level, in line with the 61.8% Fibonacci retracement level. Alternatively, prices may drop below the horizontal swing low support, and take support at another horizontal swing low support.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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