USDJPY at "a" support but will not hold? UJ likely headed lower

9 May 2019

Risk-off sentiment (and thus Yen) has been strong.
UJ has just hit a support but it probably will not hold.
There are some support zones below worth watching.

109.2x is likely to be tested.
109.xx should be strong support.
108.5x break puts uptrend at risk.

This is part of my ongoing Dollar/Yen analysis:

Last call was the Top to short:

Previous Bounce call:

And a Bounce call before that one:

9 May 2019

Not

Zoomed in, the Red fib was based on the Impulse caused by Weekend gap. And that first supprot was exactly at the 2.618 extension so the immediate resistance of concern is the red 2.236 at 109.824

.

9 May 2019

Not

Broke through the 2.236 fib with some gusto now to see if can go test resistance at the 1.618 ... or attempt retest of 2.236 and fall through ....

.

9 May 2019

Not

Under the micrsocope, we do have a nice impulse going eyes on that 4.236 right now

.

9 May 2019

Not

Retest of red 2.236 underway, as expected a bounce here would be a great sign for bulls. But so far only a pause, lets see if it turns into any kind of a bounce

.

9 May 2019

Not

uh oh, fell through support, now looking at next zone down will see if any new Impulse waves are developing and update if spotted.

.

9 May 2019

Not

Possible impulse wave down going into NY open

.