USDJPY: Bears continue to sell after 1:1 resistance holds strong by Reece Marini

USDJPY Monthly

UJM

The 1:1 (Yellow) that I mentioned a few weeks back continues to attracted solid selling interest from the bears with the market now 250 odd pips below this level.

USDJPY H4

UJ4

If this market is to see some further profit taking at these levels as the 38.2 fib attracts some new buying interest, the next resistance to watch in the large degree will be the 1:1 (light blue) and 61.8 fibo that coincide at 108.670.

USDJPY M15

UJ15

Intraday players have been seen selling on a number of 1:1 (Purple) rallies as they continue to push this market hunting for more trailing stop losses.

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