USD/JPY Analysis: Slumps by 0.90%

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

During the previous day trading session, the US Dollar depreciated against the Japanese Yen by 102 pips or 0.90% and was luckily stopped by the ascending dominant pattern line at 112.50 mark.

Most likely, the US Dollar will appreciate against the Japanese Yen to trade near the 61.80% Fibonacci retracement level at the 112.72 mark.

On the other hand, the rate could pass the support of the descending dominant pattern line to trade towards the 50.00% Fibonacci retracement level at the 112.16 mark.

Author

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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