The USDJPY is after a- 350 pips of a downtrend, as a forex trader I’m a big fan of Supply&Demand levels, I believe that it’s all about supply and demand, the supply above is a great Supply of sell position, it’s also a support resistance zone from the near past, and, it’s also the 61.8 Fibonacci level which makes it even stronger level for sell position, the combination Of a great supply and Fibonacci level usually very reliable one.
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