USDJPY rebounds from key support zone and eyes next resistance target ...Middle East

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.

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.

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