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
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