USD/JPY Setting Up For Deeper Drop!

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USD/JPY Setting Up For Deeper Drop!

USD/JPY Setting Up For Deeper Drop!

USD/JPY Setting Up For Deeper Drop!

USD/JPY has managed to escape from the triangle pattern signaling a further decline in the short term. I’ve told you in a previous analysis that the pair could activate a strong downside movement after dropping below 105.33 static support, former low.

So, the current breakdown from the chart pattern announces a drop at least till the 105.33 level. A drop below this downside obstacle could indicate a decline towards the 104.31 low.

  • USD/JPY Trading Tips

Sell from below 105.33 with a potential downside target at 104.31 level. You should place your Stop Loss order somewhere above the former highs, above 106.30 level.

The material has been provided by InstaForex Company – www.instaforex.com

Source : https://www.mt5.com/forex_analysis/quickview/187878/