USD/JPY Analysis: Passes 61.80% Fibo

Dukascopy Bank Team Dukascopy Bank SA

USDJPY

During Monday's trading session, the 55-hour simple moving average supported the currency exchange rate to trade above the weekly PP at 110.40. On Tuesday morning, the rate tested the 61.80% Fibonacci retracement level to be located at the 110.77 mark.

In regards to the near-term future, it is expected that the currency exchange rate will break the resistance of the 61.80% Fibo at 110.77 to trade at the 110.80 level during the day.

However, the resistance level of the 61.80% Fibo could resist the rate to push it towards the bottom boundary of the freshly drawn pattern line at the 110.60 mark.

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Dukascopy Bank Team

Dukascopy Bank SA

Dukascopy Bank stands as an innovative Swiss online banking institution, with its headquarters situated in Geneva, Switzerland.

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