USDJPY bouncing from key support atn Fibo level. Likely resuming
USDJPY has rebounded from its 0.786 retracement at 151.75.
The strength indicator RSI is still showing positive sentiment with no divergence. That is a strong suggesting USDJPY is to rebound higher. An RSI close back above 60 threshold will confirm the bullish rebound picture.
A bullish move over the next couple of weeks to the 0.618 retracement at 157.05 is in the cards.
However, according to RSI USDJPY could move to the 0.786 retracement at around 158.46 i.e., at around previous high close.
A break below 151.75 is demolishing the bullish rebound scenario and likely to push USDJPY down to support at around 150.80, possibly down to 149.20.
The strength indicator RSI is still showing positive sentiment with no divergence. That is a strong suggesting USDJPY is to rebound higher. An RSI close back above 60 threshold will confirm the bullish rebound picture.
A bullish move over the next couple of weeks to the 0.618 retracement at 157.05 is in the cards.
However, according to RSI USDJPY could move to the 0.786 retracement at around 158.46 i.e., at around previous high close.
A break below 151.75 is demolishing the bullish rebound scenario and likely to push USDJPY down to support at around 150.80, possibly down to 149.20.