USDJPY-near-Fibonacci-support

22 April 2021

USDJPY currently stands at the 50% Fibonacci support of the rise experienced from 23rd February to 31st March, suggesting a rebound in the offing. The pair has made two consecutive doji candlestick formations on 20th and 21st April indicating support at lower levels and a possible rise while this support holds. It is likely that USDJPY could rise towards $108.50 and $109.00 while it sustains above $107.70.

Prepared by
Technical Analysis Team

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