USDJPY: Major Resistance Zone, Probable Butterfly at FR161.8%

USDJPY D1, Major Resistance Zone

USDJPY M15, Butterfly in Progress at FR161.8%

The price is about to reach a major resistance zone from 106.11 onwards since it has broken above a major falling channel.
The U.S. election has ended with Trump as the new president and that will cause a lot of uncertainty which may cause the dollar to weaken.
A butterfly seems to be forming within the major resistance zone and is about to reach its FR161.8% level.
If the price stops at FR161.8% if the butterfly and starts to reverse, that’s the time to sell, and stop loss would be best recommended to set above the top of the major resistance zone at 106.80.

Leave a Reply