USDJPY – As 109.00 support gives way to sellers, trend turns increasingly bearish.
Relevant Key Levels: Resistance 114.50 and 112.00, 111.00 and 108.50 to 109.00. Support 104.60.
Price Action: Price collapsed below 108.50 major support.
Current Notes: We prefer selling whilst price remains under 108.50 to 109.00 resistance, targeting a move down towards the old 104.60 support level.
Potential Trade Idea: We will consider selling on a Price Action Signal around 108.50 to 109.00 resistance, downside targets 104.60 area.
Nial Fuller is a Professional Trader & Author who is considered ‘The Authority’ on Price Action Trading. He has a monthly readership of 250,000+ traders and has taught 20,000+ students since 2008. Checkout Nial's Blog - Learn To Trade The Market.
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