HomeContributorsTechnical AnalysisUSD/JPY Dropped To Fibo 50.00%

USD/JPY Dropped To Fibo 50.00%

Yesterday, the USD/JPY currency pair dropped to the support level formed by the Fibonacci 50.00% retracement at 109.58. During Friday’s morning, the pair was trying to surpass the given support.

If it holds, a reversal north could occur within the following trading hours. However, note, that the exchange rate is pressured by the resistance cluster formed by the 55-, 100-, and 200-hour SMAs, as well the weekly PP and the monthly S2 in the 109.77/110.13 range.

It is unlikely case, that bears could continue to prevail in the market, and the rate could decline lower than 109.12 mark due to the support of the monthly S3.

Dukascopy Swiss FX Group
Dukascopy Swiss FX Grouphttp://www.dukascopy.com/
This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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