What does everyone think about a possible USD/JPY long @ 107.44 or thereabouts right now ?
107.44 is Resistance from the preceding runup, and is at the 76.4% Fibo retracement level from the run down.
It was worth a few PIPs bounce earlier today, so not sure if it will hold this time around.
PS: The market answered my question ... it continued lower and bust my tight 20-PIP stop.
I guess I shouldn't trust levels 2nd time around when they have already bounced once.
Next stopping zone on the way down is now probably 107.08 (spike Resistance on the way up) to 107 double 0 level, I would think.
USD/JPY drop seems to be a Yen thing, as the USD/CHF isn't dropping in the same way.
107.44 is Resistance from the preceding runup, and is at the 76.4% Fibo retracement level from the run down.
It was worth a few PIPs bounce earlier today, so not sure if it will hold this time around.
PS: The market answered my question ... it continued lower and bust my tight 20-PIP stop.
I guess I shouldn't trust levels 2nd time around when they have already bounced once.
Next stopping zone on the way down is now probably 107.08 (spike Resistance on the way up) to 107 double 0 level, I would think.
USD/JPY drop seems to be a Yen thing, as the USD/CHF isn't dropping in the same way.