The decline accelerated after the pair failed to sustain above the swing area between 143.57 and 144.03, with sellers leaning against that zone during the latest correction. The subsequent move lower pushed price action toward the 61.8% retracement of the April–May rally, which comes in at 143.225. The low of the day reached 143.29, stalling just above that Fibonacci support.
? Key levels to watch:
143.29 – Session low
142.35 - Swing lows from May 6
Resistance:
144.18 to 144.257 – 200 bar MA on the 4-hour chart and the 50% retracement
145.91 – 200-hour MA (near-term ceiling)
? Bias: Bearish below 144.03; Break of 143.25 would increase downside momentum toward deeper retracement targets.
This article was written by Greg Michalowski at www.forexlive.com. Read More Details
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