Technical analysis of USD/JPY 02/26/2021

USD/JPY currency pair is developing a corrective upward movement within a downtrend on the daily chart. Now the Japanese pair is demonstrating a second attempt to test the resistance level of 106.23 (50% Fib). If it is broken, the next resistance level will be at 107.00 (61.8% Fib).
If the quotes manage to gain above 107.00, it will mean the upward correction has moved into an uptrend with the potential growth to 109.80.
Cancellation of the development growth option of the pair will be a decline in quotes below the level of 104.00, in the area of (MA 100) what coincides with (23.6% Fib) and the lower line of the ascending channel.

USDJPY_STPDaily (2)

Created by Joshua Hayn

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