USD/JPY has reached the first resistance area

Steve Voulgaridis Forex Analytix

The USDJPY has reached the 1st resistance area which is the confluence of the S/T descending channel’s T/L resistance and 23.6% Fib of the move lower from the multi-year highs to the 139.57 low at 144.85. A rejection from here keeps the pair in bearish mode while a break higher opens more upside with the next target being the 38.2% Fib at 148.13. Short Term US Yields will be the deciding factor most likely so keep your eyes on them.

Author

Steve Voulgaridis

Forex Analytix

Steve’s academic studies include a bachelor degree in Business Administration and one in Finance. Steve has been actively engaged with the world of Finance and the financial markets since 2005.

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