USD/JPY

On Wednesday, the USD/JPY currency pair dropped to the Fibo 23.60% at 105.03. During today's morning, the pair reversed north.

It is likely that the exchange rate could trade downwards due to the resistance formed the monthly PP and the 55-hour SMA near 105.35. In this case the rate could target the weekly S2 at 104.87. I

n the meantime, note that the currency pair could gain support from the Fibo 23.60%. If the predetermined support holds, the pair could trade sideways in the short term.

USDJPY

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This overview can be used only for informational purposes. Dukascopy SA is not responsible for any losses arising from any investment based on any recommendation, forecast or other information herein contained.

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