USDJPY – Down
During the previous trading day, the daily candle opened at 110.859 went as high as 111.395 and as low as 110.821 but ended up closing at 111.038 just a few pips above its daily opening price, the previous day’s candle is a perfect bearish pin bar candle around a key daily resistance level 111.068. as long as this level protects the upper side, we expect a possible rally to the lower side with our target at 108.80. However, should the price break above 111.068, then we expect a possible extension of the impulsive wave (c) towards 114.00.
Look for short positions around 111.068 towards 108.80
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