Traders need to have patience and wait for USDJPY to make a pullback towards the BC 0.50% Fib. level to start looking for selling opportunities. Should expect sellers waiting at the 101.70 – 102.10 area to push USDJPY lower. Blue bearish pattern invalidates if price moves above 103.35 but bears should be aware if price moves above 102.78 level then there is a possibility that USDJPY will instead push higher. For the meantime the preferred path is USDJPY lower targeting first the 98.80 level. Trade safe and don’t put all your eggs in one basket.
Updated September 26/2016
Updated September 28/2016
*** Always use proper risk/money management according to your account size ***
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