USD/JPY Analysis: Dropped to Fibo 50.00%

Dukascopy Bank Team Dukascopy Bank SA

USD/JPY

Yesterday, the USD/JPY currency pair dropped to the support level formed by the Fibonacci 50.00% retracement at 109.58. During Friday's morning, the pair was trying to surpass the given support.

If it holds, a reversal north could occur within the following trading hours. However, note, that the exchange rate is pressured by the resistance cluster formed by the 55-, 100-, and 200-hour SMAs, as well the weekly PP and the monthly S2 in the 109.77/110.13 range.

It is unlikely case, that bears could continue to prevail in the market, and the rate could decline lower than 109.12 mark due to the support of the monthly S3.

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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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