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USDJPY Remains Within Near-Term Congestion, Overall Picture Remains Bearish

Discussion in 'Technical Analysis' started by Kaitlin, Jun 22, 2016.

  1. Kaitlin

    Kaitlin Forum Member

    Aug 29, 2015
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    The pair remains congested above fresh low at 103.53, which was retested yesterday. Failure to break lower triggered limited bounce, which stalled on a probe at 105 barrier. This marks the upper boundary of near-term congestion, laying just under initial pivotal resistance zone at 105.20/40 (Fibo 38.2% of 107.89/103.54 descend / sideways-moving daily Tenkan-sen line).[​IMG]

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