USD has been strongly favored in this pair. Rate increase paired with strong economics for US while weak data from Japan seem to back the current uptrend.
Fib level seemed to act as resistance lately and have been pierced on several occasion which leads me to believe it could be more of a support at this point. Not to mention it's slightly below 110 which should be a strong psychological support.
We're not so far off from the Fib level but it would still be prudent to wait for the price to come down a bit before going long
Entry: 110.05
SL: 109.65
TP1: 110.85
TP2: 111.25
Fib level seemed to act as resistance lately and have been pierced on several occasion which leads me to believe it could be more of a support at this point. Not to mention it's slightly below 110 which should be a strong psychological support.
We're not so far off from the Fib level but it would still be prudent to wait for the price to come down a bit before going long
Entry: 110.05
SL: 109.65
TP1: 110.85
TP2: 111.25
Assuming fundamentals hold up, it means most of it has already been priced in. If that's the case the current Fib level could act as a resistance area.
I probably should let this play out until next week before deciding if going long is really such a great idea here...