​Chart Of The Day: Sustained break of 61.8% Fibo propels USDJPY towards 108.35/45 resistance-area

Wed, 11 Sep 2019 13:55

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Not only its run-up past-107.22/18 horizontal-area but sustained trading beyond 61.8% Fibonacci retracement of August month downpour also portrays the USDJPY pair's momentum strength, which in turn fuels the quote towards 108..35/45 region comprising mid-July high and late-July low. In a case bulls dominate beyond 108.45, 109.00 and August month high near 109.35 will be on their hit-list then after.

If bears sneak in, considering overbought conditions of RSI, 61.8% Fibonacci retracement level of 107.45 and 107.22/18 could question the declines ahead of highlighting a fortnight-old rising trend-line and multiple highs marked during late-August near 106.72/70. If at all the price goes down below 106.70, 106.00 and 105.60 will flash on the sellers' chart.

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