USD/JPY – Timeframes highlight a possible bounce

Ian Coleman FXStreet

The medium-term outlook is still for lower with 102.50 the prime target area or support. However, on the 8-hour timeframe we can see the 78.6% pullback level acting at support.

Moving down to the 1-hour and a move to 103.55-103.46 would form a bullish Bat and offer a temporary move higher towards 105.00-105.40 (to form leg BC in the higher timeframe).

Author

Ian Coleman

FXStreet

Ian started his financial career at the age of 18 working as a Junior Swiss Broker at Godsell Astley and Pearce (London). He quickly moved through the ranks and was Desk Manager at RP Martins at the age of 29.

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