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.

USD/JPY Chart

Disclosure: None of the information or opinions expressed in this blog constitutes a solicitation for the purchase or sale of any security or other instrument. Nothing in this article constitutes investment advice and any recommendations that June be contained herein have not been based upon a consideration of the investment objectives, financial situation or particular needs of any specific recipient. Any purchase or sale activity in any securities or other instrument should be based upon your own analysis and conclusions.

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