Price may grow to 123.35-123.40.

On the four-hour chart, the price bounced off the important support level 122.00 and is rising towards 122.86 (23.6% correction level of the short-term trend). The level 122.86 is seen the key level, its breakout may lead to the growth to 123.35-123.40, which is the strong resistance level, because correction levels of the short-term and medium-term trends are matching there (38.2% and 23.6%, respectively). Also, near this level, the price crosses 23.6% arc of the short-term trend that may lead to the trend reversal and resuming of the downward movement. On the daily chart, the 23.6% arc of the medium-term trend supports the price that may lead to the upward movement to the level 123.35 (23.6% correction level). The breakdown of 23.6% arc and consolidation below the support level 122.00 lead to the downward movement towards 120.88 (50.0% correction level of the medium-term trend).

Trading tips

Open long positions at the breakout and consolidation above 122.86 with the target at 123.40.

Alternatively, the breakdown of the level 122.00 leads to the downward movement towards 120.88.

USD/JPY: Fibonacci levels analysis

USD/JPY: Fibonacci levels analysis

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