USDJPY TESTING 61.8 PERCENT FIBONACCI RETRACEMENT
The USDJPY pair has opened the new trading week on a softer tone, as the overall theme of U.S dollar selling continues. Having fallen below the monthly pivot on Friday, the pair is now testing the 61.8% Fibonacci retracement of the recent 114.49 price high to the 108.81 trading low.
In the coming trading session, the main market moving events for the USDJPY pair are, United States manufacturing and services data for the month of July, and the minutes of the recent Bank of Japan meeting.
The USDJPY pair has turned bearish on all time frames, and now trades below the 200 week moving average, and the calculated monthly pivot point.
Below the 111 level, technical support comes from 61.8% Fibonacci retracement level at 110.90, and the 20 period monthly moving average at 110.64.
To the upside, the 200 week moving average is found at 111.22, whilst the monthly pivot point offers strong resistance at 111.38, with the daily pivot point close by, at 111.41.