The USD/JPY pair went back and forth on Monday, as we continue to test the 30.2% Fibonacci retracement level. This is an area that should continue to
The USD/JPY pair went back and forth on Monday, as we continue to test the 30.2% Fibonacci retracement level. This is an area that should continue to offer support, and I think the support runs down to roughly 111.50. If we can break down below there, then I believe the market reaches towards the 110 level which is essentially the 50% Fibonacci retracement level. Alternately, if we can reach above the 112.50 level, the market should then go to the 115 handle. Longer-term, I still believe that the market is going to go higher, but we may need to pull back.
Being FXEmpire’s analyst since the early days of the website, Chris has over 20 years of experience across various markets and assets – currencies, indices, and commodities. He is a proprietary trader as well trading institutional accounts.
