USDJPY recovered and hit 104 region last night. If you look at the chart, it forms a double bottom at 102.63 level. Something like a "W" formation. This usually signals a pending reversal. It then went on to test the 38.2% Fibonacci Retracement. That becomes the resistant point for the upmove and now it is back to test the 21 bar exponential moving average (Green line)If you are new to Fibonacci, maybe it is time to hit the library to do some self study. It is a good tool to have during trading.
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