USDJPY--Tuesday, October 28, 2008
Still more to go on downside? The chart pattern does not look like a bottom. And a fibonacci projection calls for a target somewhere below 89.
A 30 minute chart shows how the pair had been trading around an intermediate fibonacci level (3.33--between 2.618 and 4.236) in a symmetrical triangle; and then, near the end of the Asian session, rallied up to the 2.618 level and failed signficantly there.
