USD/JPY – Long-term 50% Fibo support stands exposed

2 Ağu 2016

Dollar’s retreat from Asian session high of 102.83 followed by a break below 102.11 (61.8% of 98.787-107.494) suggests the minor corrective rally from Friday’s low of 101.97 has ended and a daily closing below 102.11 would signal continuation of the downtrend from post Brexit high and suggest drop to 100.84 (76.4% of 98.787-107.494) – 100.71 (50% of 2011 low – 2015 high).

On the higher side, only a day end closing above 103.55 (June 16 low) would signal bearish invalidation.