USD/JPY bounces off 40-month low, remains on the Bears’ radar. 23.6% Fibonacci retracement adds strength to the resistance. The year 2016 low seems to lure the sellers. Despite bouncing off more than three-year low of 101.56, currently around 102.50, USD/JPY remains on the back foot during the early Monday. The reason could be spotted in the pair’s sustained trading below an ascending trend line stretched since late-March 2018 as well as bearish MACD signals. As a result, sellers can keep the helm unless prices bounce back beyond 105.00-105.15 region, comprising the said support-turned-resistance and 23.6% Fibonacci retracement of June 2015 to June 2016 fall. That said, 101.00 and 100.00 psychological magnet could be the next on the stop during the southward trajectory whereas the year 2016 low near 99.00 will question the bears afterward. On the upside break of 105.15, October 2019 low near 106.50 and January 2020 bottom surrounding 107.65 can please the bulls. USD/JPY weekly chart Trend: Bearish FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next US Pres. Trump considering putting together measures to address coronavirus economic impact – Reuters FX Street 2 years USD/JPY bounces off 40-month low, remains on the Bears’ radar. 23.6% Fibonacci retracement adds strength to the resistance. The year 2016 low seems to lure the sellers. Despite bouncing off more than three-year low of 101.56, currently around 102.50, USD/JPY remains on the back foot during the early Monday. The reason could be spotted in the pair’s sustained trading below an ascending trend line stretched since late-March 2018 as well as bearish MACD signals. As a result, sellers can keep the helm unless prices bounce back beyond 105.00-105.15 region, comprising the said support-turned-resistance and 23.6% Fibonacci retracement of June 2015… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
