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USDJPY has reached 107 as expected when prices were getting a reversal at 108. Price has now back tested the break out above important short-term resistance trend lines and it can now continue higher. Price has also reached important Fibonacci support.
Green line - resistance trend line (broken)
Black lines - long-term triangle pattern broken downwards
USDJPY has reached 107 and is bouncing. The 107 level was also the 38% Fibonacci retracement of the recent rise to 107.47 from 104.44. If support at 107 fails to hold we should expect price to move towards 106 where we find the 61.8% Fibonacci retracement.
As expected by our previous posts, the USDJPY has pulled back to back test the Kumo. Price has reached cloud support as a back test after a break out and is now bouncing off cloud support. It is important for the bullish trend to continue for price to stay above the cloud.InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.