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USD/JPY reversed from resistance zone

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  • USD/JPY reversed from resistance zone
  • Next sell target - 108.80

USD/JPY recently reversed down sharply from the resistance zone lying between the key resistance 111.00 (which also stopped with the daily Evening Star the previous short-term upward correct at the start of August) and the 38.2% Fibonacci correction of the previous sharp downward impulse form the start of July. The latest downward reversal from this resistance zone created the daily Bearish Engulfing. USD/JPY is expected to fall to next sell target at the next support level 108.80 (low of the earlier wave B).

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