EUR/USD reversed from support zone Next buy target - 1…
USD/JPY broke support zone
- USD/JPY broke support zone
- Next sell target - 105.50
USD/JPY continues to fall sharply after the earlier breakout of the support zone lying between the support levels 108.30 (which stopped the previous minor impulse wave 3 at the end of January) and 107.30 (low of the previous impulse wave (A)). The breakout of this support zone accelerated the active minor impulse wave (iii). USD/JPY is expected to fall further toward the sell target at the next support level 105.50 (target for the completion of the impulse wave (iii)).
We've got a bearish "High Wave", which has strong confirmation. In this case, the price is likely going to decline.
Growing concerns over Greek bailout, early elections in Italy and comments by the ECB President Mario Draghi about the need to maintain the bank’s extraordinary amount of monetary policy support…
The 144 Moving Average has acted as support, but there's a bearish "Engulfing' at the local high.