USD/JPY, recovery after largest daily fall since 1998.
Yesterday’s panic button crush the pair down for more then 4%, what was the biggest daily fall since 1998., but the pair has found buyers near 116 and recovers until end of the day to 118.20/30, where the buyers have formed the new strong support, exactly at 23.6 fibo return from the 124.50 > 116.15 fall. Today, the buyers have reached the 50.0 fibo return at 120.30, but the strong resistance at 120.60/70 remain untouched for now. That’s the level where is daily MA200 placed as well and that would not be easy to cover for the buyers. Next strong resistance is waiting at 121.40/50, but I don’t see that as possible target now. On the way down, 119.20/30 is first support, 118.80/90 the second one and 118.25/35 the strong one. This was the blast, isn’t it!?