Technical Analysis: USD/JPY Stability Amidst Correction Signs
USD/JPY is currently at its highest level in decades, at 155.00. This has traders concerned about the risks of Japan's intervention in the forex market. The strong recovery of the US dollar (USD) is also driving the USD/JPY higher.
From a technical perspective, the market is stable but showing signs of correction. Prices are expected to retreat to the 0.5-0.618 Fibonacci level before resuming their upward trend.
From a technical perspective, the market is stable but showing signs of correction. Prices are expected to retreat to the 0.5-0.618 Fibonacci level before resuming their upward trend.
