Chart Of The Day: USD/JPY

USD/JPY did something spectacular this month, creating a false breakdown of the 104.17 level, which was the July lows. Usually a false breakdown will lead to a breakout. With that being said, the 61.8% Fibonacci retracement at the 105.81 level has held the pair like a rock, and the risk is building that we break that level and the downtrend line (red) that has held since the beginning of summer. If that is broken a move back to the 200-day moving average near 107.50, would seem likely.  

USD/JPY Daily Chart.

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