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USDJPY Pullback: Analyzing the Market Movement

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Good morning Traders and Happy NFP day!

USDJPY

After breaking the strong resistance level at around the 138 level, the market continued higher to print a Daily and a Weekly swing Higher Highs. With the market being very overextended from it’s Moving Averages, a pullback was on the cards.

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Drawing the Fibonacci retracement of the latest Daily move, has the 61.8% retracement clustering nicely with the previous daily swing High, which, if drilling into lower timeframes, also shows it acted as a local resistance area.

Currently the market is back within it’s Moving Averages, and I am looking for any signs that the buyers are ready to take control of this market once again, for a potential setup in the direction of the overall trend.

Happy Trading!

Tamar Mehr

Tamar Mehr is a professional trader, neuropsychological trading mentor, FXGlobe Ambassador, and decision-making expert. She’s based in Brisbane, Australia.

Trading Advice Disclaimer:
Our Ambassador’s Daily Picks are not trading advice. These are informational articles covering the events which happened in the market already & scheduled events which are scheduled to happen in the Economic & Earnings Calendar.

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