Chikou Span signalling a downward trend. Can JFC reverse it?

The possible reversal point of JFC at 155.50 loss its chance when the price gaps down below that point last Friday (JFC looking for support. Will 127.2% Fibonacci Retracement level hold?). Now we will have to monitor if 150.60 will hold as this is another interesting zone. Based on weekly chart, this is the 38.2% Fibonacci Retracement level. If we will see a good candlestick formation in a week’s time then we might have a bounce. This is also very critical since if you notice, our Tenkan Sen line is about to cross the Kijun Sen line. This cross is considered to be weak bearish signal. Notice also that Chikou Span is already signalling that JFC is about to start the downward trend. See how the Chikou Span move below the price.

Just be very careful because looking at the chart, if price will break the fibonacci retracement level move inside the Kumo, the next support will be at 139.60 which is quite low from its current price.

Caveat!

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