The pair is trading near the 0.50 fib after it reversed from a huge downturn at the beginning of Jan.
Also is the upward trend is pressured by the 800 Daily EMA and the 200 4hr EMA laying around the same area as the 0.50 fib.
There is a huge possibility for retracement and continuation of the downward trend to low area such us the FX street line of 108.50 and then the psychological line of 108.00. Or it could be trapped within the 109.00-109.65 area.
Fundamentals:
Meanwhile, after starting the day mixed, all three major equity indexes in the United States moved into the positive territory to make it difficult for the safe-haven JPY to show resilience against the dollar.
Also is the upward trend is pressured by the 800 Daily EMA and the 200 4hr EMA laying around the same area as the 0.50 fib.
There is a huge possibility for retracement and continuation of the downward trend to low area such us the FX street line of 108.50 and then the psychological line of 108.00. Or it could be trapped within the 109.00-109.65 area.
Fundamentals:
Meanwhile, after starting the day mixed, all three major equity indexes in the United States moved into the positive territory to make it difficult for the safe-haven JPY to show resilience against the dollar.