USD/JPY finds support in Fibonacci

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The USD/JPY currency exchange rate has been finding support in a 50.00% Fibonacci retracement level at 108.35. In the meantime, the rate was by large ignoring the hourly simple moving averages, as the 100-hour SMA failed to provide significant support.

In addition, note that a channel down pattern was spotted. Most USD rates have been guided by a channel pattern throughout the week. In the case of the USD/JPY the pattern is capturing a decline of the rate.

In regards to the near term future, the rate is likely going to trade between the upper trend line of the pattern and the support of the 50.00% Fibonacci retracement level at 108.35.

However, if the resistance line of the pattern fails, the rate could test the 109.00 mark and afterwards the weekly R1 at 109.23. On the other hand, the 50.00% Fibo could fail at providing support. In this case the rate might reach for the 108.00 level and the lower trend line of the channel pattern.
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