USDJPY – near Fibonacci support
USDJPY currently stands at the 50% Fibonacci support of the rise experienced from 23rd February to 31st March, suggesting a rebound in the offing. The pair has made two consecutive doji candlestick formations on 20th and 21st April indicating support at lower levels and a possible rise while this support holds. It is likely that USDJPY could rise towards $108.50 and $109.00 while it sustains above $107.70.
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Risk Disclaimer:
Trading Forex or any CFD products may not be suitable to all investors and they must evaluate their risk appetite. The above article should not be construed as a trading or investment advice as it is solely for education and information purpose only. Trading might incur a loss of capital and hence investors might be required to gain further knowledge regarding the risks involved. Leverage should be used wisely.
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