Technical analysis of USD/JPY 04/16/2021

The USD/JPY currency pair is developing a downward correction on the daily chart. The pair broke through the support zone of 109.00 (23.6% Fib) and at the moment the quotes are in the area of 108.60.
The technical picture suggests a continuation of the downward correction with the nearest target at 107.70 (38.25 Fib).
Cancellation of the development of the pair’s decline will be the growth of quotes above 111.00.

USDJPY_STPDaily (3)

Created by Joshua Hayn

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