USD/JPY: 1-hour
USD/JPY has made another sharp dive this week, but is currently pulling up for air after falling below the 116.00 handle. Price could retrace to the falling trend line on its 1-hour forex chart, as this lines up with the 100 SMA, which has acted as a dynamic resistance level in the past. The 61.8% Fibonacci level based on the latest swing high and low is also in line with the trend line, right around the 117.70 level. Stochastic is moving up, which means that buyers are in control of price action for now, with a move lower indicating that sellers are stepping up their game.
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