USDJPY technical analysis: 22th January -27th January
In the last trading week, the USDJPY pair dropped initially but the pair managed to recover in the final part of that last trading week. The pair dropped to 112.56 level and the pair rebounded from this critical support level. For the next trading week, the initial bias for this currency pair is bullish. We might see a test of 115.62 resistance level this resistance level is also the 50 % Fibonacci level (swing high 15th December 2016 to sewing low 17th January 2017) .which might restrict the upside trend. If pair manages to break this resistance level then we might see another bullish run in the currency market. The pair might hit the next resistance level at 116.32 which is the 61.8% Fibonacci level for this currency pair. If we look at the chart there is not much resistance after 116.32 level so if buyer manage to break this level we might see a strong bluish run in the market. Many professional traders’ looks forward to buying this pair if pair manages to breach the 61.8 Fibonacci level then The price might touch the top price of this currency pair which is at 118.60 level.