USDJPY Long

USDJPY now reaches 109.484.

The previous top above 114 means this level is a prime candidate for a bottom.

Should this level fail, there will be another 100-pips decline at least.

評論:

Update-

There Exist a few Scenarios. Scenario 1 is this level proves to be a a major bottom and this pair rallies from here. This is the situation we should presently prepare for.

Another option is that a less important bottom is created here. In this Case, or in the case that no bottom is created at all, this pair should decline and find a bottom between 107.2 and 106.7.

評論:

If a smaller, less important bottom is created here, then the rally should be 140-200 pips, before declining back toward the levels previously mentioned.

評論:

The 10th-11th, 15th, 18th, and 24th of June are important turn dates. Watch for any of these scenarios to possibly unfold on these days this month

評論:

Well, The rally has certainly begun from the level mentioned.

I expect this pair to trade above 115 in the coming weeks.