There' a "V-Top" pattern, so the pair is likely going to test the closest support at 1.3996 - 1.3979. Meanwhile, if a pullback...
USD/JPY falling inside minor corrective wave 2
- USD/JPY falling inside minor corrective wave 2
- Next sell target - 110.00
USD/JPY has been falling in the last few trading sessions inside the minor corrective wave 2, which started earlier from the resistance zone lying between the strong resistance level 114.40 (which reversed the previous minor impulse wave 1 in May, as can be seen below), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous intermediate ABC correction (2) from last December). USD/JPY is expected to fall to the next sell target at the next support level 110.00.
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.