Long term trend: Up
Medium term trend: Up
Significant levels: Significant Round Number (110.00), Horizontal Support (105.30), Horizontal Resistance (108.40), Fibonacci Retracement
The Fibonacci retracement level (0.5) was respected by the market and resumed its trend which is up. The price also respected the Horizontal Resistance (108.4). Although the price is at the resistance right now, it is more probable that the price will make a breakout above instead of going back down. There is no doubt that USD is strong and still, the JPY is weak. Even though we are seeing some down moves, these are just the sentiment of the market, but the direction of this market, for the long term is definitely up. Also, it is worth noting that the 110 round number is hard to break (but at some point in time, it will definitely break). We are definitely Long here so, trade well.
Medium term trend: Up
Significant levels: Significant Round Number (110.00), Horizontal Support (105.30), Horizontal Resistance (108.40), Fibonacci Retracement
The Fibonacci retracement level (0.5) was respected by the market and resumed its trend which is up. The price also respected the Horizontal Resistance (108.4). Although the price is at the resistance right now, it is more probable that the price will make a breakout above instead of going back down. There is no doubt that USD is strong and still, the JPY is weak. Even though we are seeing some down moves, these are just the sentiment of the market, but the direction of this market, for the long term is definitely up. Also, it is worth noting that the 110 round number is hard to break (but at some point in time, it will definitely break). We are definitely Long here so, trade well.