USDJPY falls to 18-month low

Discussion in 'Technical Analysis' started by FXStreet_Team, Apr 5, 2016.

  1. FXStreet_Team

    FXStreet_Team Well-Known Member Trader

    Oct 7, 2015
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    USDJPY fell to its lowest level since October 2014 on Tuesday to touch 110.50. After trading in a broad range since early February, prices broke below the key 111.00 level. The market is testing a key long term Fibonacci level at 110.40. This is the 61.8% retracement of the upleg from 100.81 to 125.84 (May 2014 to May 2015 rise). If this level fails to support prices, and there is a break below the key 110.00 level, there is scope for a further decline to target the next Fibonacci level

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