USD/JPY: Back To The Well
Neal Gilbert | Jan 26, 2015 11:05AM ET
North American markets are a little uninterested this morning as a variety of factors have investors paying attention to other matters outside of the trading world. While the Greek election over this weekend was a wrote about the USD/JPY approaching a declining trend line that had thwarted attempted rallies for pretty much all of 2015 so far. Just as it had done previous to then, the currency pair fell over 150 pips after reaching that zenith. Today brings us another challenge of that trend line, and perhaps another opportunity to see it rejected.
While seeing the effectiveness of the trend line thus far is a compelling visual as to why history may repeat itself, another argument would be nice. Luckily, we have one for this pair as the 78.6% Fibonacci retracement of the most recent high to low has been touched. If the trend line and Fibonacci levels remain true, the resistance may be too much for this pair as another rally is rejected once again.
Source: www.forex.com
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