USD/JPY is ranging as markets look for further direction
During this week, as can be seen on the H4, the USD/JPY has narrowed its range of movement, remaining in between two converging trend-lines; a triangle pattern.
In particular, a downtrend breakout due to data that is received negatively by the market, could bring USD/JPY to continue a retracement commenced a week ago after reaching a peak.
The objectives, in this case, would coincide with the Fibonacci retracements shown in the figures, particularly 38.2 and 61.8, therefore opening up a direct route to the lower part of the 107
In particular, a downtrend breakout due to data that is received negatively by the market, could bring USD/JPY to continue a retracement commenced a week ago after reaching a peak.
The objectives, in this case, would coincide with the Fibonacci retracements shown in the figures, particularly 38.2 and 61.8, therefore opening up a direct route to the lower part of the 107
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A violation of the upper trendline would instead herald a new upward trend for the dollar-yen, which would seek an immediate test of the maximums above the 110 quota, achieved more than once during the week.
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Waiting 4 Fed's Yellen & US GDP