InstaForex - Analytics

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    Technical analysis of USD/JPY for May 06, 2016 2016-05-06

    USD/JPY continues trading downwards after breaking the major support area at 116.00.

    Fibonacci applied to the first corrective wave after the support breakout shows that pair broke below the 161.8% retracement level and did not teste next support at 261.8%.

    Consider selling USD/JPY while price is near the 107.00 psychological resistance, targeting the S1 (104.90) support. Stop loss should be well above 108.00.

    Support: 104.90

    Resistance: 108.60

    USDJPY_INSTA.png

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