Narrowing irregular bullish Ichimoku Cloud with falling Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen with falling Tenkan-sen; the market are in the negative area and made the new lows.
USD/JPY close to a strong demand zone around 109.80
USD/JPY has been following a bullish bias and an impulsive structure is being developed since June 14th. That’s why we would like to follow a corrective move towards the 61.8% Fibonacci retracement level in a first degree at 109.80, where we would like to see a rebound. A demand zone can be shown around that area and the pair could bring some good opportunities to go long. In the alternative scenario, a breakout below 109.36 can put in danger that preferred outlook and the pair might plummet towards 108.00.
RSI indicator is still flat but once it turns positive, our bullish outlook could strengthen, with a strong resistance placed around 111.41 yet to be broken.
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