Price on USDJPY is still in strong momentum lower. On the Weekly chart below we can see that price is trying to break or has indeed broken through the support level. From right to left, we can see the level quite significant as price been rejected several times in the past.
USDJPY weekly chart
We can see the level more clearly on the Daily chart below. Price has broken through the important level and creates a level that interesting to look for. Although the price not yet rolling back, but once the price making a quick retrace to this old support/ new resistance level, I will start hunting for a short trade. I will focus not only on the Daily time frame but also on the intraday time frame like 4-hour or 1-hour.
USDJPY daily chart – zoom out
USDJPY daily chart – zoom in
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