I had mentioned a few weeks back that this market was likely to have a correction after finding plenty of selling interest on the 1:1 (Yellow), now after falling over 400 pips the bulls have returned on an important 1:1 (Purple) that coincided with a 50 fib at 105.350. I would expect this market to continue to trade higher over the coming days before the bears have another attempt to push it lower again.
If this market is to continue higher from here I will be looking to sell into at 107.100 where an important 1:1 (Light blue) and 38.2 fib coincide.
The post Who is watching USDJPY, buying to continue for now. appeared first on www.forextell.com.