Forex Technical Analysis: Trend potential – Sell a break below 108.80.

USDJPY – Down

Sell a break below 108.80.

Technical Observation

USDJPY is in an active downtrend. We marked Monday’s highest high as the swing high and the previous day’s lowest low as the swing low. While the price is contained below the Moving Average attached, I’m waiting for either a break below the swing low to pick a sell or a retracement back towards 38.2% fib level to pick a low risk sell. If the price breaks above the 38.2% fib level, then further movements towards 50.0% fib level is expected. As it is is, a sell below 108.55 looks more ideal and can be recommended.

Trade Recommendations:

Sell a break below 108.80.

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