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USD/JPY Full Bearish Continuation Below 111.63

Nenad Kerkez
Updated

The USD/JPY has formed a possible bearish continuation pattern if it closes below the W L3 support at 111.63. However, a correction is still possible.

A bounce from the W L3 is not a surprise as camarilla pivots are deadly accurate in predicting u-turns and bounces. If the price breaks above the ascending trend line and W H1 at 112.40 we might see 112.79. A close below 111.63 is needed for a continuation towards 111.05 and eventually 110.26 which isn’t very likely at this point.

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This article was originally posted on FX Empire

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