USD/JPY Technical Analysis: 38.2% Fib retracement is the level to beat for the bears
|- The USD/JPY pair has bounced off from 112.96 (38.2 percent Fib of 110.38/114.55) for the second day, establishing the Fibonacci retracement as a key level to beat for the bears.
- A daily close below 112.96 would bolster the bearish setup, as indicated by the descending 5-day and 10-day exponential moving averages (MAs), the bearish crossover on the MACD, and would allow a deeper drop to 112.12 (50-day EMA).
- On the higher side, a move above yesterday's high of 113.94 (previous day's high) would validate the defense of 38.2 percent Fibonacci retracement and could yield re-test of 114.00.
Daily Chart
Spot Rate: 113.12
Daily High: 113.23
Daily Low: 112.93
Trend: Bearish below 38.2 percent Fib
R1: 113.23 (daily high)
R2: 113.94 (previous day's high)
R3: 114.55 (recent high)
Support
S1: 112.96 (38.2 percent Fibonacci retracement)
S2: 112.46 (50 percent Fib R of 110.38/114.55)
S3: 112.12 (50-day EMA)
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.