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Daily Analysis on USDJPY using Ichimoku clouds

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USDJPY ended last week on a negative note but price stopped the decline right on top of the Daily Ichimoku cloud. USDJPY has strong support at 108.85 not only from the Ichimoku perspective but also from the Fibonacci point of view.

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USDJPY has so far reached the 38% Fibonacci retracement and the upper cloud boundary. Support is important at current levels. A bounce is justified if not a full scale upward trend reversal. Resistance is at 107.10 and 107.50. Breaking above this zone will open the way for a move above 108. Inability to break 107.50 will most probably lead to a decline below 106.85 towards 106 where we find the 61.8% Fibonacci retracement.The material has been provided by InstaForex Company - www.instaforex.com
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