Will price continue to drop?

Good Morning Dynamic Traders,

I hope you all had a great weekend, and are fresh for another week.

We are going to continue following the Yen this week. Last week price was climbing, but towards the end of the week price started to drop. The question at this stage would have been how far will price drop?
Today we might have the answer.

If you look at the day chart below you will see that price had fell to that all important RN, which happens to be a major RN. Using your fib tool you will see that price dropped and spiked below the Fib breather level, but currently price has climbed back to the breather level. Price hasn’t closed yet so we will have to wait till tomorrow to see price closes at this breather level.













If price does close at the Fib breather level then we could expect price to climb. However if price continues to fall and closes at a continuation level, we could assume that price will continue to fall.

So until tomorrow

Happy Trading

Richard Monnery