Wait for a possible buy from 50.0% with your 112.223. | 24 Februari 2020

24 Februari 2020, USD/JPY

Wait for a possible buy from 50.0% with your 112.223.

Technical Observation

After establishing a hourly resistance level around 112.200, USDJPY continues to retrace to the lower side but should not go beyond the 50.0% fib level. As it is now on the hourly chart attached, expect a possible momentum to the lower side and should break below 38.2% fib level, 111.205, towards 50.0% fib level 110.891. If this price breaks below the 50.0% fib level, then this will mean we are continuing to the lower side towards the daily low 109.559 and could break much low towards 105.00.

Trade Recommendations:

Wait for a possible buy from 50.0% with your 112.223.

Imelda Maseno
Analyst of «FreshForex» company
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