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USD/JPY: Downside Can Be Limited

Published 04/12/2016, 03:33 AM
Updated 07/09/2023, 06:31 AM

USD/JPY has been falling very hard last week, now approaching 107.00 area where pair can be looking for a support if we consider five waves of decline from 113.80. We know that after each five waves market will turn up with minimum three waves. That said, we need to be aware of a turning point this week, which is also suggested by readings on the RSI, where we see a clear bullish divergence.

USD/JPY, 4H
USD/JPY 4H Chart

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