USD/JPY - could be heading back to May 3rd low
Hourly Chart
Resistance - 107.02, 107.45, 108.00
Support - 106.64, 106.00, 105.55
Resistance - 107.02, 107.45, 108.00
Support - 106.64, 106.00, 105.55
- Pair rose to 23.6% Fibo support but failed to do much beyond the same as expected earlier this week here.
- Pair's refusal to extend gains and sustain above 107.02 (23.6% of 111.82-105.51) indicates the pair could be heading back to key support of 106.64 (38.2% of 2011 low-2015 high). A break lower would expose 106.00-105.55 (May 3 low).
- On the higher side, a break above 107.63 (April 11 low) is needed to open doors for a corrective rally in the pair.
