The USD/JPY currency reached the level of 105.50, and touched the support area, forming a long-awaited correction on the market. As of this writing, we see a variable "bullish" interest, located in the value of 106.90. It is possible to assume that the upside potential at this stage will remain, where the "bulls" will try to adjust the quotation to 107.40. In this value, there is a variable level of resistance and at the same time an accumulation of Fibo levels (38.2 / 23.6%). This is very suitable for resuming short positions.
Key Levels
Resistance - 107.40 * 108.00
Support - 105.50; 104.30 *
* periodic level
* The presented market analysis is informative and does not constitute a guide to the transaction.
