USDJPY Outlook: What to look out for?

9 Mar 2021

For now, we managed to see that USDJPY has reached the 361.8% fib level followed by some bearish movements. What we will like to see is a bearish closing to today's candle. This will signal a potential reversal which will be a confirmation candle for us. I will be seeing a potential bearish movement to the support level 118 price level. If price continue breaking towards the downside, we could potentially see price moving all the way back to 161.8% fib level. For now, I am leaning towards the BEARISH side for this pair.

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