USD/JPY- Offered near 23.6% Fibo level

Discussion in 'Fundamental Analysis' started by FXStreet_Team, Apr 8, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
    Likes Received:
    The corrective move in the USD/JPY pair ran into offers near 109.11 (23.6% of 113.80-107.66) levels following which the pair fell back to 108.65 levels.

    Rejected at hourly 50-MA

    The drop from daily from the key Fibo level also marked a failure to take out hourly 50-MA hurdle, which is now seen at 108.97 levels. Profit taking on Yen longs may resume once again in the US session and may be aided by possible hawkish comments from Fed’s Williams.

    Other than Fed speak, the data calendar is empty. Hence, profit taking may continue to support the pair, although still a weekly loss is a pretty much done deal. This will be the pair’s weakest weekly closing since Oct 2014.

    USD/JPY Technical Levels

    Acceptance above 109.10 (hourly 50-MA) – 109.11 (23.6% of 113.80-107.66) would expose hurdle at 110.00 (hourly 100-MA + 38.2% of 113.80-107.66). Conversely, a failure to sustain above 108.50 would open doors for a re-test of 108.06 – 107.66 (previous day’s low).
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