USD/JPY: Fibonacci Support Sparks a Rebound
Chart Analysis:
USD/JPY finds support at the 38.2% Fibonacci retracement level (151.50), leading to a sharp recovery above the 200-day SMA.
1️⃣ Fibonacci Retracement Levels Holding:
The recent pullback tested key Fibonacci retracement levels, with buyers stepping in at 151.50 (38.2%).
Further support levels sit at 149.23 (50%) and 146.95 (61.8%), which remain key downside targets if weakness resumes.
2️⃣ Moving Averages as Key Pivot Points:
50-day SMA (154.97): Price is testing this level after the rebound.
200-day SMA (152.74): Successfully held as dynamic support, confirming broader uptrend remains intact.
3️⃣ Momentum Indicators Show Recovery:
RSI: 49.69, recovering from oversold conditions but still lacking bullish confirmation.
MACD: Bearish momentum is fading, but a crossover signal is yet to emerge.
What to Watch:
Sustained move above 155.00 could trigger a fresh rally toward December’s highs.
A break back below 152.00 would shift focus to deeper Fibonacci support levels.
Watch for a MACD crossover as a confirmation of renewed upside momentum.
USD/JPY remains at a critical inflection point, with Fibonacci support holding but further strength needed for a bullish confirmation.
-MW
USD/JPY finds support at the 38.2% Fibonacci retracement level (151.50), leading to a sharp recovery above the 200-day SMA.
1️⃣ Fibonacci Retracement Levels Holding:
The recent pullback tested key Fibonacci retracement levels, with buyers stepping in at 151.50 (38.2%).
Further support levels sit at 149.23 (50%) and 146.95 (61.8%), which remain key downside targets if weakness resumes.
2️⃣ Moving Averages as Key Pivot Points:
50-day SMA (154.97): Price is testing this level after the rebound.
200-day SMA (152.74): Successfully held as dynamic support, confirming broader uptrend remains intact.
3️⃣ Momentum Indicators Show Recovery:
RSI: 49.69, recovering from oversold conditions but still lacking bullish confirmation.
MACD: Bearish momentum is fading, but a crossover signal is yet to emerge.
What to Watch:
Sustained move above 155.00 could trigger a fresh rally toward December’s highs.
A break back below 152.00 would shift focus to deeper Fibonacci support levels.
Watch for a MACD crossover as a confirmation of renewed upside momentum.
USD/JPY remains at a critical inflection point, with Fibonacci support holding but further strength needed for a bullish confirmation.
-MW
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.