The USDJPY extended lower today, breaking beneath a critical swing area between 140.248 and 140.80, but quickly rebounded after testing key technical support.
Yesterday’s low stalled right at the 61.8% Fibonacci retracement of the move up from the July 2023 low to the February 2024 high, coming in at 140.483. The price action today confirmed the importance of that retracement level, as buyers have stepped in once again on the move back above the level, lifting the pair back above the swing area high at 140.80. The high just reached 140.913. Buyers are making a play.
This marks at least the fifth test of this swing area support zone (see red numbered circles), with buyers consistently defending the area over the last several months. The repeated bounce underscores its significance from a technical perspective and staying above today, will be bullish play - at least in the short term.
With the rebound gaining momentum, the next upside target comes on the daiy chart, comes in at the 141.67 level, which aligns with a prior swing high and intermediate resistance on the daily chart.
To keep the bullish bias intact, buyers will want to see price stay above 140.24-140.80. A move below that area would weaken the rebound narrative and shift the short-term bias back to neutral or bearish.
This article was written by Greg Michalowski at www.forexlive.com.Hence then, the article about usdjpy rebounds from key support zone and eyes next resistance target was published today ( ) and is available on forex live ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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