The Dollar/Yen fell to its lowest level in a week as tighter economic restrictions across the United States and Europe tested market optimism over vaccine trials. The Forex pair is in a position to finish lower for a fifth consecutive session having erased nearly two thirds of the steep gains it posted last week after Pfizer announced it had developed a working COVID-19 vaccine.
At 08:47 (GMT), the USD/JPY is trading 103.952, down 0.233 or -0.22%.
What's next?
The direction of the USD/JPY on Wednesday is likely to be determined by trader reaction to the short-term Fibonacci level at 104.132.
For bearish scenario, A sustained move under 104.132 will indicate the presence of sellers. This could trigger an acceleration to the downside since the next major support doesn’t come in until 103.177.
For bullish scenario, A sustained move over 104.132 will signal the presence of buyers. The first target is the 50% level at 104.427. This is a potential trigger point for an acceleration to the upside with the next major target the main 50% level at 105.113.
Original analysis: https://www.fxempire.com/forec...
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