USDJPY support seen around 104.20/25 zone

Feb 12, 2021

USDJPY seems to have carved a major bottom around 102.59 early this year. The bounce has rallied through 105.76, taking out past resistance around 105.65 before pulling back. Prices have managed to retrace up to 104.40/50 zone, the fibonacci 0.50 retracement of the recent rally between 103.32 and 105.76 levels respectively. Potential still remains for a drop through 104.20/25 which is a convergence zone to trend line support, past resistance turned future support and fibonacci 0.618 retracement as well. A bullish reversal can be expected from here and potential remains through 107.50, 109.00 and higher in the coming weeks.

Long against 102.59, towards 111.75