Update on SHORT USD/JPY from 114.95

With prices closing under the key support level at 115, the path of least resistance looks down and therefore we believe a move down to the key support level at 111.83 is likely. This support level is further strengthened by the 50 Fibonacci level. Support levels have a double function. they offer support to the price but they also acts as magnets and price is drawn to them.

Depending how we open on Sunday (GMT) we shall be looking to add to our SHORT.

We shall be looking for a move below 113.74 initially.

 

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