Although the yen received strong weakening signals a few weeks ago, it is currently gaining strength and setting new lows. When we look at the daily chart, we can see that sellers managed to break the long-term uptrend line (blue). Currently the price is on the first Fibonacci level (23.6) - according to this level and the recent price movements (middle of March and April), it is a possibly good place for a bullish reversal.
EUR/JPY" title="EUR/JPY" width="621" height="244">
In the long-term, the strongest support seems to be the 119 level (green area) due to the lows from the end of February and the beginning of April. Although fundamentals can send mixed signals to the traders, technical analysis is clearer and currently suggests to sell. The situation will come back to the positive for buyers when the price manages to come back above an uptrend line, or create any candlestick or price reversal pattern.
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23.6 Fibonacci Level Under Fire
Published 06/13/2013, 08:12 AM
Updated 01/31/2022, 02:45 AM
23.6 Fibonacci Level Under Fire
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