The USD/JPY pair initially tried to rally on Friday but turned around to form a shooting star. The 200 exponentials moving averages slicing right through
The USD/JPY pair initially tried to rally on Friday but turned around to form a shooting star. The 200 exponentials moving averages slicing right through the candle, so I think we could run into a little bit of trouble here. The 50% Fibonacci retracement level is at the 110 level, so I think that might be the next target. If we can break down below there, then the market can go much lower. If we break above the top of the candle for the Friday session, that would be bullish but I would anticipate to see quite a bit of resistance near the 112 handle.
Chris is a proprietary trader with more than 20 years of experience across various markets, including currencies, indices and commodities. As a senior analyst at FXEmpire since the website’s early days, he offers readers advanced market perspectives to navigate today’s financial landscape with confidence.
