HomeContributorsTechnical AnalysisUSD/JPY Rebounds From Fibonacci Level

USD/JPY Rebounds From Fibonacci Level

The US dollar jumped after April’s CPI rose 3% YoY nearly doubling markets’ expectations.

The greenback has found solid support after a double-dip at the 61.8% (108.30) Fibonacci retracement level.

The bullish momentum above 109.20 indicates buyers’ commitment to pushing beyond the recent consolidation range. A close above 109.70 could open the path towards 110.50.

With the RSI in the overbought area, profit-taking may briefly drive the price south, 108.65 is the closest support in case of a pullback.

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