In ourlast analysis of USDJPY we warned bears of the fake bearish signal and the upside potential as price was trading at key support levels. Price made a false break down to 107.60 and quickly reversed back above the key trend line. This price behavior made us support the bounce scenario to 109 even more.
Red line – support trend line
Yellow rectangle – bounce target area
Green lines -Fibonacci retracement levels
USDJPY is bouncing higher as expected. The 38% Fibonacci retracement and the red trend line support have provided the defense against a deeper pull back. USDJPY is trading around 108.60 there is potential of a move higher still. Key support remains at 108-107.70 and if broken then we should expect price to move lower towards the 61.8% Fibonacci retracement at 106.25.
The material has been provided by InstaForex Company – www.instaforex.com
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