USD/JPY: 1-hour
Could this be an opportunity to hop in the USD/JPY uptrend? The pair seems to be retreating after its recent forex rally and it might find support around the rising trend line on its 1-hour time frame. Using the handy-dandy Fib tool on the latest swing low and high shows that the 61.8% Fibonacci retracement level lines up with the trend line, former resistance, and 116.50 minor psychological support. Stochastic is already on its way up though, indicating that buyers are getting stronger again and that the retracement might be a shallow one.
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