USD/JPY : The drop could continue to the 111 according to the charts of long-term

USD/JPY remains on the downside this Monday, after having tried without success to climb above the psychological level of 112 last night.

In fact, the pair has marked a summit 112.07 very early this morning, before the downside, to regain the hand, with a recent low on 111.65 in the middle of the morning.

In the case of continued decline, the next support is located at 111.50, 111.30 and around the psychological level of 111.

If one is interested in the context of long-term on USD/JPY, we note that the pair begins more and more to validate a bearish reversal in the medium term, from the top to 113.44 marked the 6 October.

Moreover, the retracement Fibonacci 38.2% of the last wave up (from 8/09 to 06/10) is located at 111.10, which reinforces the importance of the threshold of the 111 as a short-term goal for potential trades bearish.

Has the upside, a confirmed return above 112 would question the outlook of a decline in the short term.

Currently, the USD/JPY pair hovers around 111.75 on the Forex.

Chart USD/JPY H1

Chart USD/JPY D1

This chart has been realized with the trading platform TradingStation 2 provided by FXCM France.

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