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USDJPY Pullback Continues

Discussion in 'Technical Analysis' started by FXStreet_Team, Jan 4, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

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    The 2015 high at 125.85 played out as expected we now have a bear trend playing out. Let’s review the daily and monthly charts. USDJPY DAILY CHART The first rally in a new bear trend often makes a deep retracement and once again that has been the case here. I have added Fibonacci retracement levels of the move down from high to low and we can see price finding resistance right around the 76.4% level before turning back down. This recent high was a very bearish quadruple top formation and is

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