USDJPY - Break & retest of the 106 psychological level complete
Last month we saw the break of the all important 106.000 psychological level support zone.
Price had recovered from the subsequent drop in price, however I believe we are experiencing a break and retest scenario of 106 and will see further decline back to the previous swing low, at least, if not further.
Yesterday's daily closure signified a slowing in bull momentum (long upper shadow/wick) which I anticipate will be the reversal point for the incoming drop.
Price is consolidating on the lower timeframes so I will be monitoring closely in hope of a break to the downside.
Price had recovered from the subsequent drop in price, however I believe we are experiencing a break and retest scenario of 106 and will see further decline back to the previous swing low, at least, if not further.
Yesterday's daily closure signified a slowing in bull momentum (long upper shadow/wick) which I anticipate will be the reversal point for the incoming drop.
Price is consolidating on the lower timeframes so I will be monitoring closely in hope of a break to the downside.