USDJPY Technical Analysis on 31st January (updated) ~ forex trading courses in kenya
The Pair is Bearish Now and May Touch 90.50 line
After a big bullish run , USDJPY feeling Strong Resistance @ 91.40 level. Yesterday (30.01.2013) , the pair try to cross the level many times . After GDP data, it certainly falls to 90.80 line but again recover and reach 91.26 level. But from the Thursday morning trades , strong bearish pattern build up on USDJPY counter. The price may reach fibo 76.4 that mean it will touch 90.75 level very soon.If Price able to rebound from this FIBO , it may turn to positive again . But if it failure to rebound , it will go towards fibo 100 and may cross 90.50 line .
Trading Strategy :-
SELL USDJPY 91.26 TARGET 90.80, 90.50 , 90.25 SL 91.40
Alternative Scenario:-
BUY USDJPY 91.45 TARGET 91.60 , 91.85 SL 91.25
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