Daily analysis of USD/JPY for April 29, 2016

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Overview

The USD/JPY pair keeps declining strongly, approaching from our main awaited target at 106.63, which represents 38.2% Fibonacci for the rise measured from 75.55 to 125.84. It is important to monitor the price behavior when reaching the mentioned target because a break of this level represents the key to extend the correctional bearish wave on the mid-term basis to 100.70. Meanwhile, holding against the negative pressure will make the price try to recover and return to the long-term rise.

The expected trading range for today is between the 106.00 support and the 108.00 resistance.

The material has been provided by InstaForex Company – www.instaforex.com

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