Apr 07 2020
Japanese Yen Hit by Impending Coronavirus Emergency
The dollar rises managed to hold the pair above a support band formed by two key Fibonacci retracements from the impressive USD / JPY hike between March 9 and March 24. This band is between 38.2% retracement, 107.69 and 50% retracement at 106.45. .It was quickly traded last week and its upper limit seems to be providing support now.
Of course, despite four consecutive sessions of gains, the dollar bulls have not made much headway, the resistance at the close of March 26 of 109.10 still bars the way higher and, even if it breaks, the overall bearish trend line does not emerge until 111.52, and it is difficult to see that this is threatened in the short term. However, if the pair can hold above this resistance zone, an attempt to recover the grips of 111.00 is likely, perhaps this week.