Technically daily USDJPY outlook eyes on 125 level, while the pair is oversold (5:42GMT)
OVERSOLD. EYES ON 125
Chart 1: Daily USDJPY eyes on 125 (Click on the image to enlarge)
My weekly S/R setup is still the following:
First support: 124.49 (fibo expansion, trendlines), I think that, technically speaking, a pullback recovering 125 area is likely to happen.
Broker of the month
Chart 2: H4 USDJPY (Click on the image to enlarge)
if breakout then ->
-> Second support: 124.10 (converging weekly trendlines)
First resistance: 126.275 (fibo expansion)
if breakout then ->
-> Second resistance: 126.66 (fibo expansion)
if breakout then ->
-> Third resistance: 128.22 (fibo expansion)