We remain bearish USDJPY.

USDJPY is making lower lows and lower highs. Trend remains bearish. Price is trading at 109.25 and as we explained in previous posts our first target is at 108.20 where the 38% Fibonacci retracement is found.

analytics610813f8773ba.jpg

Red line - support (broken)

Blue lines -Fibonacci retracements

USDJPY has provided us with a bearish signal back in July when the red support trend line was broken. Price is expected to move lower towards the 38% Fibonacci retracement. Our view will remain bearish as long as price is below 110.50.

The material has been provided by InstaForex Company - www.instaforex.com

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