Risk-off sentiment (and thus Yen) has been strong. UJ has just hit a support but it probably will not hold. There are some support zones below worth watching.
109.2x is likely to be tested. 109.xx should be strong support. 108.5x break puts uptrend at risk.
This is part of my ongoing Dollar/Yen analysis:
Last call was the Top to short:
Previous Bounce call:
And a Bounce call before that one:
Kommentera
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Zoomed in, the Red fib was based on the Impulse caused by Weekend gap. And that first supprot was exactly at the 2.618 extension so the immediate resistance of concern is the red 2.236 at 109.824
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Broke through the 2.236 fib with some gusto now to see if can go test resistance at the 1.618 ... or attempt retest of 2.236 and fall through ....
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Under the micrsocope, we do have a nice impulse going eyes on that 4.236 right now
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Retest of red 2.236 underway, as expected a bounce here would be a great sign for bulls. But so far only a pause, lets see if it turns into any kind of a bounce
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uh oh, fell through support, now looking at next zone down will see if any new Impulse waves are developing and update if spotted.