FXstreet.com (Barcelona) - USD/JPY has risen around 60 pips last two hours from 96.80 to 97.38 and currently the pair is trading around 98.25/35 after falling 0.59% so far today from 97.87 opening price action.
Yesterday, the pair fell 0.18% from opening price at 98.04, reaching 98.43 as highest and 97.63 as lowest, to close the day at 97.87. Along the week, USD/JPY has fallen 2.05% from Monday opening price action at 99.32 to the currently 97.30.
Valeria Bednarik, FXstreet.com collaborator, says: Break of the daily ascendant trend line triggered a major sell off in the pair that reached almost the 61.8% of the daily Fibonacci rally we have been following, form 93.54 to 101.44. So far, the pair rebound around that zone and attempt a small upside recovery, that could extend enough to complete the pullback to the broken line now around 97.60. Bigger time frames are exhausted, supporting a correction. Break under the 96.50/60 area could send the pair to 94.60 in the term, next mayor support.
Bednarik provides us with her levels: Support levels: 96.60 96.20 95.80. Resistance levels: 97.30 97.57 98.00.
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