USD/JPY- Offered Near 23.6% Fibo Level
The corrective move in the USD/JPY pair ran into offers near 109.11 (23.6% of 113.80-107.66) levels following which the pair fell back to 108.65 levels.
Rejected at hourly 50-MA
The
drop from daily from the key Fibo level also marked a failure to take
out hourly 50-MA hurdle, which is now seen at 108.97 levels. Profit
taking on Yen longs may resume once again in the US session and may be
aided by possible hawkish comments from Fed’s Williams.
Other
than Fed speak, the data calendar is empty. Hence, profit taking may
continue to support the pair, although still a weekly loss is a pretty
much done deal. This will be the pair’s weakest weekly closing since Oct
2014.
USD/JPY Technical Levels
Acceptance
above 109.10 (hourly 50-MA) – 109.11 (23.6% of 113.80-107.66) would
expose hurdle at 110.00 (hourly 100-MA + 38.2% of 113.80-107.66).
Conversely, a failure to sustain above 108.50 would open doors for a
re-test of 108.06 – 107.66 (previous day’s low).
(Market News Provided by FXstreet)
