USD/JPY on the way to resume the bearish bias

USD/JPY on the way to resume the bearish bias

USD/JPY found strong resistance around 112.08 after Fed’s decision to keep rates unchanged at July’s meeting. Such decline coincides with the Fibonacci retracement levels of 61.8% and 50%, which corresponds to the 112.43 and 112.08 levels respectively. If the move continues to strengthen in coming hours, we can expect a decline to take place towards 109.91, at which lies the -23.6% Fibonacci retracement level.

To the upside, the pair could invalidate that scenario with a breakout above 112.53, with the nearest target placed around 112.93. RSI indicator is oversold.

USDJPYmH1.png

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Narrowing bearish Ichimoku Cloud with rising Senkou Span A; a dead cross of Tenkan-sen and Kijun-sen, but rising Tenkan-sen; the bulls could breakout the Kijun’s resistance.

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