- USDJPY snaps two-day downtrend but struggles to defend buyers around 11-week low.
- 2.5-month-old horizontal area challenges buyers amid bearish MACD.
- Oversold RSI restricts immediate downside around 61.8% Fibonacci retracement level.
USDJPY bulls struggle to keep the reins around the lowest levels since late August, despite positing the first daily gains in three around 139.15 during early Monday.
In doing so, the yen pair bounces off the 61.8% Fibonacci retracement level of the pair’s August-October upside, also known as the “golden ratio”. Also underpinning the current rebound are the oversold RSI (14) conditions.
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