The 50 Fibonacci level at 120.62 has attracted solid buying interest from the bulls after the recent sell off, with the market now 300 odd pips above this support level since Wednesday last week.
USDJPY Daily
The market has since taken out a number of important resistance levels on the topside including the 1:1 (Yellow) and 38.2 Fibonacci level that coincided at 122.48 and the 50 Fibonacci level (Blue) at 123.13.
The break of these resistance levels has opened up plenty of opportunities for intraday players over the last few days, however, a solid close will need to be seen above the 61.8 Fibonacci level before we can say that the current downtrend has changed in favour of the bulls.
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Now as we move down to the 15 minute chart there is an important 1:1 (Blue) and 23.6 Fibonacci level that the intraday traders will be closely eying. However, be mindful that the market is currently hitting its head against the 61.8 (Blue) Fibonacci level at 123.77.
USDJPY M15
* A 1:1 refers to a current correction being equal in length to a prior correction