USD/JPY Consolidating at Fibonacci Confluence
Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-“A decent reaction on Monday could be the beginning of something bigger on the downside but a break of 115 is needed to indicate as much. Until then, Fib levels of interest are 118.59 (88.6% of decline from 2007), and 120.11 (61.8% decline from 1998).”
-USDJPY reached 118.59 and then some last week (118.98 high). The 61.8% extension of the 75.56-105.43 rally, from 101.08 is at 109.50. We’ve also got pitchfork resistance here. The move is clearly extended and this region (up to 119.50) is a good stopping point.
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