The USD/JPY pair initially tried to rally during the week, but as you can see pulled back to form a bit of a shooting star. It looks as if we are trying
The USD/JPY pair initially tried to rally during the week, but as you can see pulled back to form a bit of a shooting star. It looks as if we are trying to press against the 111.50 level to the downside, but I think there’s a lot of support there as well. If we can break down below there, then it’s more than likely going to be a moved to the 110 level that we see next. That of course would have to deal with the 50% Fibonacci retracement level from the recent pull back.
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.
