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Philip Miller

USD/JPY assessment

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Hello Philip, thanks for the question. USD/JPY managed to break below the $107.00 horizontal support yesterday and hit the fresh 2020 low. As a result, the pair traded at the lowest levels since September last year. 

USD/JPY has managed to recover a portion of earlier losses. The price has now come back to retest the broken support at $106.45 resistance, now acting as a resistance. 

Looking lower, USD/JPY has big support at $104.50, which is a key level for the pair and expected to attract the price action since the risk is now to the downside. However, the sellers will have to first clear a 61.8% Fibonacci retracement at $105.20. 


 


 


 

Edited by Beniamin Thomas

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