USD/JPY is trading in the red at 111.08 at the moment of writing. It has slipped lower only because the DXY and JP225 dropped a little. The currency pair signaled that the corrective phase could be over, so we could search for new long opportunities.
Later, the US ISM Services PMI is expected to drop from 61.7 points to 59.9 points. In addition, the Trade Balance and the Final Services PMI will be released as well. Better than expected US data could boost the USD and could push USD/JPY higher.
USD/JPY Technical Analysis!
USD/JPY has found support on the 150% Fibonacci line of a major descending pitchfork, right below the 38.2% retracement level and now it tries to come back higher. Now, it has found temporary resistance at the weekly pivot point (111.22).
Stabilizing above the descending pitchfork’s median line and making a new higher high could signal strong growth ahead. Still, I believe that only a valid upside breakout from the pitchfork’s body could really activate an important growth, leg higher.
Conclusion!
Failing to stabilize under the 150% Fibonacci line and below the 38.2% retracement level signaled that USD/JPY ended its correction.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.