An overview of the
currency markets by 
Hello again.
Here is a screen shot of the USD/JPY daily chart.
We saw a longer term movement down - followed by a retracement up.
So, the million dollar question? Is this retracement over or will it reverse?
Well, we saw it almost touch the 61.8% Fibonacci level and start heading back down. If you view our trend line, you can see we are right on the trend line.
Here’s what you look for. If the currency pair breaks the line and starts to spread away, then your next level to watch will be the 31.2% Fibonacci level (96.00). If it breaks that price and starts spreading away, then look for a nice movement down - keeping in mind it still can potentially reverse on you.
At that point, you can re-analyze the pair and see where we are in the wave count at that point.
Remember to use and apply your money management and place your stops.
Good luck.