USDJPY is in a short-term bullish trend. Price is now trading above 143.80 continuing with higher highs and higher lows. Price today broke above the 61.8% Fibonacci retracement resistance level. This is a sign of strength. As long as price continues making higher highs and higher lows we expect USDJPY to continues towards the next Fibonacci retracement of 78.6%. At the same price level we also find the 161.8% Fibonacci extension target of the first upward move. The RSI has just entered into the overbought area. There is no bearish divergence. A pull back is justified from current levels.
The material has been provided by InstaForex Company – www.instaforex.com
Blue lines- Fibonacci retracement levels
green lines- Fibonacci extension targets
USDJPY is in a short-term bullish trend. Price is now trading above 143.80 continuing with higher highs and higher lows. Price today broke above the 61.8% Fibonacci retracement resistance level. This is a sign of strength. As long as price continues making higher highs and higher lows we expect USDJPY to continues towards the next Fibonacci retracement of 78.6%. At the same price level we also find the 161.8% Fibonacci extension target of the first upward move. The RSI has just entered into the overbought area. There is no bearish divergence. A pull back is justified from current levels.
The material has been provided by InstaForex Company – www.instaforex.com
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