First of all, looking at the chart, we see that we have been in the bearish trend since January last year.
Second, the JPY index failed to form a new higher high compared to the August 2016 high.
By setting the Fibonacci level, we see that the index stopped at 38.2% Fibonacci level.
This is a sign of continuing the bearish trend
JPY breaks below 84,200, our previous support from December 2016.
We are looking for the next target and potential support in the zone of about 80,000 (support zone from 2015).
Bank of Japan continues with soft monetary policy
Based on this analysis, we can expect a further weakening of the JPY index in the coming months.
Second, the JPY index failed to form a new higher high compared to the August 2016 high.
By setting the Fibonacci level, we see that the index stopped at 38.2% Fibonacci level.
This is a sign of continuing the bearish trend
JPY breaks below 84,200, our previous support from December 2016.
We are looking for the next target and potential support in the zone of about 80,000 (support zone from 2015).
Bank of Japan continues with soft monetary policy
Based on this analysis, we can expect a further weakening of the JPY index in the coming months.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.