USDJPY remains capped below its 100-day moving average and is hovering around the 38.2% Fibonacci retracement of the upleg from October 25 low (96.93) to January 2 high (105.43). The Ichimoku cloud is also acting as strong resistance and is a barrier to any upside moves.
Cloud resistance currently comes in at 102.42 and the upper cloud level is at 103.07. A successful break above this level will target the 23.6% Fibonacci resistance at 103.43.
To the downside there is scope for losses towards the 101.18 level which is the 50% Fibonacci level.
USDJPY remains capped below its 100-day moving average and is hovering around the 38.2% Fibonacci retracement of the upleg from October 25 low (96.93) to January 2 high (105.43). The Ichimoku cloud is also acting as strong resistance and is a barrier to any upside moves.
Cloud resistance currently comes in at 102.42 and the upper cloud level is at 103.07. A successful break above this level will target the 23.6% Fibonacci resistance at 103.43.
To the downside there is scope for losses towards the 101.18 level which is the 50% Fibonacci level.
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