After another test o 118.75 support USDJPY is again in the area of Tenkan-sen and Kijun-sen resistance at 120.16-120.73. If this area will be breached today it will mean going back to (6/8)P 121.87. Chikou span doesn’t help in interpretation of last behavior on USDJPY because there is a lot of place both for gains and continuation of downwards moves. You have to remember that sell signal on this pair is still operating, it is based on crossing Kijun-sen and Tenkan-sen lines. It is more possible to go back to support at 118.75, but only breaking this level will mean further downtrend.



Situation on this pair is quite interesting. The price is above Tenkan-sen 183.90 and slowly is going to (3/8)P 185.94 line, which separates down and side trends. Drop below Tenkan-sen will generate another sell signal and re-test of (0/8)P 181.25 level. Breaching this resistance will mean continuation of correction to second balance level, horizontal Kijun-sen 187.79.



EURJPY is exactly at Tenkan-sen 134.41 resistance. If this level will work we should consider sell trades with range (0/8)P 131.25. Signal here can be drop below Kijun-sen 133.79 on H$ chart. From the other side breaching today’s resistance will mean test of Kijun-sen 135.61 on the daily chart.

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