USDJPY has entered the bounce target area we mentioned in our previous analysis. Price has potential to continue its bounce higher but bulls need to be very cautious as this bounce could very well be a counter trend move.
Red line – major support trend line
Green lines -Fibonacci retracements
Yellow rectangle – bounce target area
Pink rectangle- important low
USDJPY has bounced as expected from the 38% Fibonacci retracement as it usually happens. Price made a false break down as we noted in our analysis and is now trading inside our bounce target area. The bounce could continue for a couple days towards 109.20 but traders need to be very cautious as this bounce could reverse to the downside. Important support is found now at 108 and a break below it will open the way for a move towards 106. Major Fibonacci resistance is found at 109.65 where we find the 61.8% retracement of the decline from 110.97 to 107.48.
The material has been provided by InstaForex Company – www.instaforex.com
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