The USD/JPY chart currently demonstrates a bearish momentum with price falling towards the 1st support. This first support level at 141.42 represents a pullback support and aligns with a 23.60% Fibonacci Retracement. Additionally, the second support level at 138.29 is viewed as a pullback support and lies under a 38.20% Fibonacci Retracement level.
On the upside, the first resistance level at 145.57 represents an overlap resistance that aligns close to the 78.6% Fibonacci Retracement level. Furthermore, the second resistance level at 150.26 is identified as a swing-high resistance.
The material has been provided by InstaForex Company – www.instaforex.com
The USD/JPY chart currently demonstrates a bearish momentum with price falling towards the 1st support. This first support level at 141.42 represents a pullback support and aligns with a 23.60% Fibonacci Retracement. Additionally, the second support level at 138.29 is viewed as a pullback support and lies under a 38.20% Fibonacci Retracement level.
On the upside, the first resistance level at 145.57 represents an overlap resistance that aligns close to the 78.6% Fibonacci Retracement level. Furthermore, the second resistance level at 150.26 is identified as a swing-high resistance.
The material has been provided by InstaForex Company – www.instaforex.com
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