Currently, the USD/JPY chart is in a bearish phase but showing signs of a bullish bounce off the 1st support at 138.73, heading towards the 1st resistance at 140.92. This 1st support, acting as an overlap support, aligns with 38.20% Fibonacci retracement and 78.60% Fibonacci projection levels. If the price drops further, it may find another significant barrier at the 2nd support level of 137.73, backed by a 50% Fibonacci retracement. However, if the price reverses its course, the 1st and 2nd resistances, both identified as overlap resistances, could challenge the bullish uptrend.
The material has been provided by InstaForex Company – www.instaforex.com
Currently, the USD/JPY chart is in a bearish phase but showing signs of a bullish bounce off the 1st support at 138.73, heading towards the 1st resistance at 140.92. This 1st support, acting as an overlap support, aligns with 38.20% Fibonacci retracement and 78.60% Fibonacci projection levels. If the price drops further, it may find another significant barrier at the 2nd support level of 137.73, backed by a 50% Fibonacci retracement. However, if the price reverses its course, the 1st and 2nd resistances, both identified as overlap resistances, could challenge the bullish uptrend.
The material has been provided by InstaForex Company – www.instaforex.com
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