The USDJPY has double bottomed on Monthly M3 at 102.8545 in the 15 min view. The Weekly Pivot Point is adding support just below at 102.7650 and price is within range of the Daily M2 at 102.9045. The confluence of support provided by these three pivot levels will catch the attention of traders and price should either break through this zone and pick up momentum or bounce with momentum. Note the double top in the daily view on this pair, attached below.
Bearish Profit Target:
Before considering a short position wait for a clear break below Weekly Pivot Support at 102.7650.
WPP is the last line of defense in this support zone discussed. I would wait for a break of the Weekly Pivot and then a pullback to retest the Weekly Pivot as new resistance after it has been broken as support.
DM1 at 102.3190 is about 65 pips below this support zone discussed above.
DM1 is within range of the 1.618 Fibonacci Extension of from the fib study
of the most recent move to the downside, seen in the attached chart.
Bullish Profit Target:
Before entering a long position off this support zone I would wait for a series of higher highs and higher lows, and enter on a pullback to the downside. Let the new trend prove itself before entering.
DM3 at 103.49 is about 65 pips up from this support zone discussed which is within range of the 15 min previous high
in range of the 61.8 fibonacci retracement of the attached fib study. There is also a previous low within this range as well in the 15 min view.
DM3 seems to be a logical bullish target.