USD/JPY on its way to test a key demand area

The USD/JPY pair is plummeting across the board after having strong resistance at the 107.28 level. Such move is helping to consolidate to the spot below the 200 SMA at H1 chart and it’s trying to gather momentum around the 61.8% Fibonacci zone. If a rebound happens over there, we can expect a rally to test the Fibonacci area of -23.6% at 107.77, while a breakout below 105.95 should expose the 105.68 level.

RSI indicator remains in the negative territory, close to the oversold area.

Felipe Erazo

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