USDJPY is trading around 109.30. As explained in our last analysis on USDJPY, price had potential for a move towards 109.20 until the end of the week and bulls remain in control of the bounce reaching our target.

analytics608c279fd7462.jpg

Red line – support trend line

Green lines – Fibonacci retracement of the upward move

Blue lines- Fibonacci retracement of the last downward move

USDJPY is approaching resistance area at 109.60 where we find the 61.8% Fibonacci retracement of the last downward move. Bulls need to be cautious in this Fibonacci retracement area as the chances of a reversal are high at this level. As long as price is trading above the red upward sloping support trend line bulls remain in control of the trend. If the red support trend line is broken we should expect a move towards the 61.8% Fibonacci retracement (green lines) towards 105.75-106. If price breaks below 108.20 we will have a bearish signal.

The material has been provided by InstaForex Company – www.instaforex.com

Leave your vote

🚀If you want to get a Forex Robot Coded as per your trading strategy but are unable to do so because of the high price for the Robot then you can take advantage of the CROWD FUNDING campaigns feature. ✔ These are some crowd funding campaigns for Forex Robots, which when completed can provide the very same Forex Robot to the participants at an average price of $5-$10 per participant. ✔ You either participate in one of the already listed campaigns or send us your Forex strategy : Submit Crowd Funding Campaign , for which you would like the Forex Robot to be coded. A Crowd Funding Campaign would then be started for the same . ✔ All you have to do later on is to share the campaign online with your friends to encourage more people to participate in the campaign.

As a result, each participant can get that Forex robot for just a campaign contribution of $5 (which is the minimum). Participants can back the campaign by anything above or equal to $5 to reach the funding goal to close the campaign.