The correction of the pair halted at the level of 76.4% – 113.06 allowed the reversal to be in favor of the U. S. dollar and the uptrend began towards the 100.0% correction level at 114.36. There is no sign of divergence today. The pullback of the USD/JPY pair with the Fibonacci level of 76.4% was in favor of the Japanese currency and the continuation of the decline headed towards 112.25 with the correction of 61.8%. This ends the quotation from 100.0% Fibonacci level that works in favor of the beginning of a decline.



On the 24-hour chart, the quotation was in favor of the Japanese Yen from the correction level of 23.6% at 114.07. Consequently, the price fell towards 111.17 with 38.2% Fibonacci level. Emerging divergence is not observed in any of the indicator. Fixing the pair above the 23.6% retracement level at 118.66 level will be in favor of the U.S. dollar and will proceed towards the Fibonacci level of 0.0% at 118.66. Similarly, a retracement of the pair from the correctional level of 38.2% could lead to a slight increase.

The material has been provided by InstaForex Company – www.instaforex.com
Source: Instaforex.com

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