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
Author
EagleFX Team
EagleFX
EagleFX Team is an international group of market analysts with skills in fundamental and technical analysis, applying several methods to assess the state and likelihood of price movements on Forex, Commodities, Indices, Metals and
