USD/JPY: 1-hour
Who’s up for a simple retracement setup? Here’s one forming on USD/JPY’s 1-hour chart! The pair has gapped up over the weekend, indicating that buyers are very much in control and might push for more gains. However, USD/JPY is already hovering around a potential resistance zone at the 38.2% Fibonacci retracement level while stochastic is reflecting overbought conditions. A higher retracement might last until the 50% to 61.8% Fibs, which line up with an area of interest. If the selloff resumes soon, price could drop back to its previous lows around the 105.50 minor psychological support.
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