USD/JPY faced resistance from bears around the area of 111.100 and plunged 80 pips.
Now it is retracing back to the same zone, which we expect to be supply prone again.
Hence, it could be leveraged by traders to initiate short positions anticipating a move to the support at 110.274 and then to the demand zone indicated in the chart.
Now it is retracing back to the same zone, which we expect to be supply prone again.
Hence, it could be leveraged by traders to initiate short positions anticipating a move to the support at 110.274 and then to the demand zone indicated in the chart.