Forex Technical Analysis: Trend potential – Wait and sell a break below 108.388.

USDJPY – Down

Wait and sell a break below 108.388.

Technical Observation

After failing to break above the daily high 108.928, USDJPY retraced back to the lowerside but could not break below the 23.6% fib level, we expect a possible momentum towards the 50.0% fib level but only if the price can break below 108.388. If the price successfully goes below this level, then we expect further momentum towards 38.2% fib level, 108.053, and should breakout lower towards 107.783. The best place to wait for a buy from is if the price can pullback up to the 50.0% fib level.

Trade Recommendations:

Wait and sell a break below 108.388.

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