USD/JPY Consolidation and Fibonacci Levels
Solid ECN—The USD/JPY currency pair started to consolidate some of its recent losses in today's trading session, testing the 23.6% Fibonacci level at 154.2. The technical indicators suggest the current uptick momentum should resume to the 38.2% Fibonacci, a level coinciding with the descending trendline at approximately 155.68.
From a technical standpoint, a close above the 154.2 resistance could extend the consolidation phase to the 155.68 mark.
On the flip side, the downtrend will likely resume if the price dips below the immediate support at 153.3. If this scenario unfolds, the 151.9 key resistance will likely be tested.