Forex Strategy: USD/JPY Position Remains Active for Now
Prices recoiled sharply lower from 104.14, the 38.2% Fibonacci expansion, to test a resistance-turned-support at 103.25. A break below this boundary would expose a horizontal pivot at 102.62. Alternatively, a reversal above resistance targets the 50% level at 105.19.
I have revised the stop-loss on the remainder of our long position to the breakeven level (102.82) and will allow the trade to remain active for the time being.
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.