After the bullish start of the year, the rand has started to weaken since the last Thursday. Let’s point out the main factors affecting the ZAR and set the key levels for this week’s trading.
USD/JPY broke support zone
- USD/JPY broke support zone
- Next sell target - 109.00
USD/JPY continues to fall inside the minor impulse wave (iii) – which belongs to the C-wave of the intermediate ABC correction (B) from the middle of December. The price earlier broke through the support zone lying between the support level 122.00 (which reversed earlier waves A and (b) in February, as can be seen below), support trendline of the daily down channel from January and the 38.2% Fibonacci correction of the upward impulse from November.
The breakout of the aforementioned support zone intensified the bearish pressure on this currency pair. USD/JPY is expected to fall further toward the next sell target at the support level 109.00.
If we look at the daily charts of the US dollar index and the USD/JPY pair, we will see a misleading trend.
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