USD/JPY Analysis

In the 4 hour chart as shown below, USD/JPY is now testing important Kumo (cloud) resistance. At current levels price is also at the 61.8% Fibonacci retracement of the decline from 110.66 to 107.31.

USD/JPY H4 Chart

Short-term support is found at 109.25-109.05. If this area is broken downward we could see a rejection that could start the next leg down in USD/JPY. Daily trend remains bearish as price is below the Daily Kumo and the downward sloping black Trend line as shown below.


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