Chart Of The Day: USDJPY Pulls Back From Range Support

October 15, 2015 07:30

Following its break of 119.85, encompassing 38.2% Fibo of its June – August downturn, on Tuesday, the USDJPY plunged to the lowest levels in a month during its decline on Wednesday; however, short-term trading range support, near 118.60, triggered the pair's pull back during early hours of trading on Thursday, signaling a quick test to 119.50 immediate resistance prior to re-joining the 119.85 mark. On a successive move beyond 119.85, the 120.50 and the range resistance near 120.90 – 121.00, including 200-day SMA and 50% Fibo, are likely tough levels to limit the pair's further up-move. Alternatively, a break below 118.60, also surpassing the 23.6% Fibo, near 118.45, can make the pair vulnerable enough to plunge towards testing the August lows, near 116.00 round figure mark.

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