USDJPY Next Week Outlook - 61.8% Fibo resistance level to be crossed for breakout
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USDJPY Next Week Outlook - 61.8% Fibo resistance level to be crossed for breakout

15 October 2015, 18:11
Sergey Golubev
Sergey Golubev
1
1 878

W1 price is located to be above 200 period SMA and above 100 period SMA for the primary bullish ranging between 23.6% Fibo support level at 118.41 and 61.8% Fibo resistance level at 122.11:

  • 23.6% Fibo support level at 1.1239 is going to be crossed by the price from above to below for the bearish condition to be continuing;
  • the price is ranging between 23.6% Fibo support level at 118.41 and 61.8% Fibo resistance level at 122.11;
  • RSI indicator is estimating the ranging condition.

If the price will break 23.6% Fibo support level at 118.41 so the secondary correction within the primary bearish condition will be started.
If the price will break 61.8% Fibo resistance level at 122.11 from below to above so the bullish trend will be continuing.
If not so the price will be ranging within the levels.

Trend:

W1 - ranging bullish
#usdjpy, technical analysis, Fibonacci