Forex Review Online
No Result
View All Result
  • Home
  • Crypto
  • Education
  • News
start trading today
  • Home
  • Crypto
  • Education
  • News
No Result
View All Result
Forex Review Online
No Result
View All Result
Home ANALYSIS

USDJPY higher on the day but finds some sellers against Fibonacci retracement level

A.R Chowdhury by A.R Chowdhury
September 2, 2020
Reading Time: 1 min read
0
USDJPY higher on the day but finds some sellers against Fibonacci retracement level

61.8% retracement at 106.275 is providing some upside resistance

The USDJPY has pushed higher in trading today. In the process the pair moved above its 200 hour moving average (currently at 105.987) and the 50% retracement of the move down from the August 28 high. That level comes in at 106.069.  

61.8% retracement at 106.275 is providing some upside resistance_

The run higher continued until reaching the 61.8% Fibonacci retracement at 106.275 (the high price reached 106.28). Sellers leaned against that level even before the weaker than expected ADP report helped to push the pair lower. 

The decline after the ADP report did stay above the 50% retracement level at 106.069. It would take a move below that level to start to dig into the other support levels including:

  • The rising trend line at 106.03
  • The 200 hour moving average at 105.987
  • The 100 hour moving average at 105.943

Failure to dig into those levels would have the buyers targeting the 61.8% retracement at 106.275. Break above that level and it opens up the door toward the swing highs from August 25 and August 26 near the 106.55 area.
For bank trade ideas, check out eFX Plus

Source link

RELATED POSTS

EURGBP erases gains and returns to a familiar bias defining level

New highs for US stocks. The Nasdaq continues to lead

USDJPY has 3 key technical levels that have stalled the rally higher today

ShareTweetPin
A.R Chowdhury

A.R Chowdhury

Related Posts

EURGBP erases gains and returns to a familiar bias defining level
ANALYSIS

EURGBP erases gains and returns to a familiar bias defining level

August 14, 2022
New highs for US stocks. The Nasdaq continues to lead
ANALYSIS

New highs for US stocks. The Nasdaq continues to lead

August 14, 2022
USDJPY has 3 key technical levels that have stalled the rally higher today
ANALYSIS

USDJPY has 3 key technical levels that have stalled the rally higher today

August 14, 2022
WTI crude oil futures settle at $92.09
ANALYSIS

WTI crude oil futures settle at $92.09

August 14, 2022
Bitcoin technical analysis, bulls might be giving up soon
ANALYSIS

Bitcoin technical analysis, bulls might be giving up soon

August 14, 2022
The weekend forex technical report for the week of August 15, 2022
ANALYSIS

The weekend forex technical report for the week of August 15, 2022

August 14, 2022
Next Post
Dollar breaks higher vs major currencies

Dollar breaks higher vs major currencies

GBPJPY falls below trend line/100 hour MA

GBPJPY falls below trend line/100 hour MA

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

USDJPY runs higher but fails at a topside swing area

August 25, 2020

US PPI final demand for June -0.2% MoM vs 0.4% estimate

July 10, 2020
EURJPY corrects into MA support. Can it hold?

EURJPY corrects into MA support. Can it hold?

September 3, 2021

Popular Stories

  • New highs for US stocks. The Nasdaq continues to lead

    New highs for US stocks. The Nasdaq continues to lead

    0 shares
    Share 0 Tweet 0
  • The USD is the strongest and the NZD is the weakest as the NA session begins

    0 shares
    Share 0 Tweet 0
  • EURGBP erases gains and returns to a familiar bias defining level

    0 shares
    Share 0 Tweet 0
  • What is forex and How does it work?

    0 shares
    Share 0 Tweet 0
  • Bitcoin technical analysis, bulls might be giving up soon

    0 shares
    Share 0 Tweet 0
Forex Review Online

© 2022 My Forex Review - Designed with Jnews Theme.

Navigate Site

  • Home
  • Crypto
  • Education
  • News

Follow Us

No Result
View All Result
  • Home
  • Crypto
  • Education
  • News

© 2022 My Forex Review - Designed with Jnews Theme.