USD/JPY On A Declining Path
Olimpiu Tuns | Mar 17, 2016 02:16PM ET
The USD/JPY has decreased sharply this week, the price has found strong resistance at the confluence area formed at the intersection of the median line (ml) of the descending pitchfork with the 23.6% retracement level and now is heading toward fresh new lows, actually has reached new lows today after an aggresive bearish movementum. The outlook remains strongly bearish as long as the price is trading below the median line (ml), the next major downside target is at 38.2% retracement level, the price could test also the lower median line (lml) in the coming period. In my opinion the corrective movement is expected to continue till will reach the confluence zone formed at the intersection of the lower median line with the 38.2% retracement level, then the price could rebound and could increase again.
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