USD/JPY looking to strengthen the bears

USD/JPY looking to strengthen the bears

USD/JPY has been reading a bearish sequence across the board and currently, a sideways range has appeared in the scene, helping to cap further advances in the pair above the resistance level of 109.76, at which lies the Fibonacci zone of 50%. That area represents an interesting area for sellers and if it holds, we can expect a decline to take place towards -23.6% at 108.03.

To the upside, the mentioned scenario could get invalidated with a breakout above 109.75, which should open the doors to test the 110.43 level. RSI indicator remains in the negative territory.

USDJPYmH1.png

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