Is USD/JPY ready for a bounce? Here is the level to watch.I don't like picking bottoms, however, buyers have stepped up ahead of the 1.08 level.
This is a 2-day chart. There are two scenarios I see playing out.
1. This is a large retracement from 100-118 range and we are headed back toward the 118 level.
2. A series of lower lows, lower highs has started and we are heading back toward 100.00
The Key Level
I believe 112 is the key level. A sustained move above and scenario one has a better probability of playing out. A failure there and scenario 2 seems more likely.
I have a limit buy order at 108.90, targeting the 112 level.
