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USDJPY getting close to support zone
USDJPY on a multiple year chart, has its support zone built in 1995.
The ultimate low at 80 or below, if touched, will not likely hold and that could point to a minimum of 200+ pips slide thru before a bounce can be staged.
Thus, if USDJPY is going to bounce, the huge 1-2-3 buy signal at weekly level off 82.30 – 82.50 should hold and leading to a reversal of this down trend.
Remember the jawboning sessions from the Jap officials? They did not act at 85 because there is not enough counter parties to squeeze.
This time, be careful with your short positions once Yen dip below 83. 82-83 zone is a much better area to intervene comparing to 85 – Japanese government and/or BOJ has a good track record in short term intervention success.
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