BOJ is facing problems due to oil price drop and recession while USD remains strong as a safe heaven. I have warned about USDJPY staying in the range and possible dip buying. Technically we should be ready to buy the dip again. The pair is showing INVERTED ROOF pattern ( A+B = breakout C ) which is already playing out.In the case of deeper retracement - POC2 comes in 120.35-120.20 zone (L4, 61.8, previous sellers/now moment buyers, X cross) and the target is 122.00 with 122.70 as the second target if 4h candle closes above 122.06. Traders should also pay attention to 120.60 zone which is also POC (L3, DPP, 38.2) where rejections could also happen. I am personally more inclined to deeper retracement (POC2) but just in case we should be paying attention to possible rejections in the POC1 zone too.
The analysis and the article presents Nenad's opinion. Remember, financial trading is highly speculative & may lead to the loss of your funds. Proper risk management is the Holy Grail of trading.
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