Conflunce Level | USDJPY

The movement of prices to historically low levels has created an imbalance in the forces of supply and demand as well as in the sentiment of investors. The corrections created in the current downtrend channel give the opportunity to apply a Fibonacci system consisting of a Fibonacci Retracement and a Fibonacci Expansion.
This system has provided a confluence level which may be a critical turning point for the subsequent course of exchange rates.
Specifically, this point appears at the price level around 103,100. Successful breakout of this point can lead to further price declines to even lower levels.USDJPY