Technical analysis of USD/JPY 02/19/2021

The USD/JPY currency pair broke through the bottom (MA 200) and found resistance at 106.23 (50% Fib) on the daily chart. Now the quotes are in the level of 105.70. The next resistance will be in the level of 107.00 (61.8% Fib).
If the pair manages to gain above 107.00, it will mean the upward correction has turned into an uptrend with the potential for growth to 109.80.
Cancellation of the growth option of the pair will be a decline in quotes below the level of 104.00, where (MA 100) coincides with (23.6% Fib) and the lower line of the ascending channel.

USDJPY_STPDaily (1)

Created by Joshua Hayn

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