At the Sunday open the USDJPY is at Triple Bottom Support at 110.982.
Below is the Daily Fibonacci Study that helped form this Triple Bottom Support at the +61.8 Fibonacci Extension Level….
There is also historical weekly support from a previous high (seen below) within range of 110.982
If your a bull, a conservative profit target is the Daily 5 EMA at 111.993 which is plotted here on a 15 Min chart to give perspective of range from price…
Psychological levels tend to be important support and resistance on the USDJPY; the psychological and mid-point psychological levels for the USDJPY are in purple below for your review…
If this Triple Bottom Support breaks, we could see bearish continuation in the overall USDJPY trend.
Remember that when significant support breaks, price tends to pullback and test it as resistance before picking up bearish momentum.
Regards,
Tyler Lund
US DOLLAR ANALYST, FOREX.TODAY
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6 thoughts on “USDJPY TRIPLE BOTTOM (March 20th)”
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Great post. Thank you very much for your hard work.
Thanks Wayne.
Really enjoying your stuff Tyler, please keep up the excellent work, it is greatly appreciated. I am currently waiting on the arrival of the book you recommended on an earlier post, on Strategy published by Harvard press.
Thanks Charles,
It is very nice to hear that the effort is appreciated and helpful.
I am in the process of writing an article that breaks Harvard’s Strategic Process down into a Reader’s Digest Version for traders. I have an uncle that has a Harvard MBA and is a CEO that has helped teach me Harvard’s Strategy Creation Model. So, keep your eyes out for that upcoming article.
Hello again Tyler, not too late for a further comment here I hope, I mentioned I was waiting for the Strategy book to arrive however it looks like there was a stuff up on the collection so it wont be arriving after all. So I will be watching closely for the upcoming article. Very much looking forward to it. Kind Regards
Charles,
You can find the book online. Here is a link:
http://www.amazon.com/Strategy-Create-Implement-Best-Business/dp/1591396328
If the link doesn’t work, then google Strategy Harvard Business Essentials
I will publish the article as well…