USDJPY Because of the negative risk sentiment YEN crosses are catching major bid against major pairs. As the United states of America president Mr. Donald Trump has tested positive of COVID-19 which is triggered the panic across the board and investors flight in to the safety.
After the Mr. President tweet USDJPY felled almost 60 pips and the price is just under .50 Fibonacci level
The bigger falling wedge pattern was underway as we can expect to finish at 104.00 key psychological level which is our primary downside target. Which is a expected level for end of Elliot wave E.
Currently the minor Elliot correction ABC waves are completed and 1-5 downside waves will be formed until 104.00 level
The price is just under 200 Exponential moving average in 4 Hour timeframe.
We can sell this pair after retest towards Point of control-Volume profile coordinates with .50 Fibonacci will give us a good risk reward ratio
Below which i have attached a different view in 1,4,Day,weekly timeframes. Out of which except in weekly timeframe in 1,4,daily timeframes the price actions favors the bearish trend .In weekly timeframe USDJPY finds some good support near 104.570
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