USD/JPY - More Downside Potential

Likely Scenario: Move to the downside after a break below 110.75 with targets at 110.00

Trade Comments: Price has been rallying up steadily since January 2019 and hit its yearly high so far priced at 112.14 and seeing it pulling back to the downside, also on the 4hr timeframe we can see a wedge pattern has now been created.

Now price has popped out due to the FOMC data that got released on Monday now currently we are looking for price to pull back up possibly to 110.88 or 111.16 before we can see a second drop so we want to see price break 110.75 and then we can see push lower to 110.00.  

Daniel PerkinsComment