USD/JPY analysis: Tests fibo 38.20%
|USD/JPY
Yesterday, the USD/JPY currency pair tried to exceed the Fibo 38.20% at 107.87. During Tuesday morning, the pair was testing the given level.
Given that the exchange rate is supported by the 55-hour SMA near 108.10, it is likely that bulls could prevail in the market. Note that the rate would have to surpass the resistance cluster formed by the 100– and 200-hour SMAs, the Fibo 23.60%, as well the weekly and monthly PPs in the 109.16/109.85 area.
If the given resistance cluster holds, it is likely that the US Dollar could consolidate against the Japanese Yen in the nearest future. Also, it is unlikely that bears could prevail, and the rate could decline below the support formed by the Fibo 50.00% and the weekly S1 at 106.68.
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