USD/JPY Achieves 38.2% Fibonacci Retracement - Brace for Buying!
|The USD/JPY currency pair sidelined and consolidated in the narrow range between the 109.29 - 109.40, mainly due to the lack of any fresh push. As of writing, the USD/JPY currency pair is trading at 109.32. The currency pair dropped from 109.60 to low of 109.18 overnight as the U.S. Treasury Yields also fell in the wake of a weak Philly Fed report.
On the other hand, the United States' ten-year yields are also little changed at 1.91% but remained above 1.94% before the release of Philly Fed and unemployment claims data. Now traders are eyeing the U.S. GDP figures, which are due shortly.
Taking a look at the 4-hour timeframe, the USD/JPY is range-bound in a tight trading range of 109.400 - 109.200. The USD/JPY completes 38.2% Fibonacci retracement at 109.200, which is now working as support around 109.200.
|
Support |
Pivot Point |
Resistance |
|
109.17 |
109.38 |
109.58 |
|
108.97 |
109.79 |
|
|
108.56 |
110.21 |
The 50 periods EMA is also supporting the USD/JPY pair above 109.200 level today. However, the RSI and MACD are holding in the bearish zone.
USD/JPY - Trade Setup
Sell Below - 109.450
Take Profit - 109.150
Stop Loss - 109.650
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