Short from Resistance level 107.45 if break 108.25$ next
The yen passed the resistance of 106.93, which we designated as the nearest target last week, and is currently trying to move above 107.40. There is a good chance that this attempt will be successful, after which the next resistance zone 108.00/20 will become relevant. 107.40 Expecting some correction downside.
Fibo hit 61.5% from 112.40 to 102.50 on the monthly base chart is 107.45.
The ISM Services PMI stood at 55.3% in February, which is slightly worse than expected but is in line with the overall positive background. The employment sub-index turned out to be higher than forecast, which can be regarded as a positive signal before the publication of non-farms on Friday. At the same time, the ADP report on employment in the private sector showed an increase of only 117,000, which is noticeably worse than the forecast of 177,000, that is, the situation on the labour market remains ambiguous, and in these conditions, the dollar does not receive an incentive to grow at least until Friday.
As a result, trading on world markets is currently going in different directions, investors are waiting for clearer signals.
🛑SUPPORT/RESISTANCE
✅S1= 106.60
✅S2=105.85
✴️R1=107.40
✴️R2=108.25
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Fibo hit 61.5% from 112.40 to 102.50 on the monthly base chart is 107.45.
The ISM Services PMI stood at 55.3% in February, which is slightly worse than expected but is in line with the overall positive background. The employment sub-index turned out to be higher than forecast, which can be regarded as a positive signal before the publication of non-farms on Friday. At the same time, the ADP report on employment in the private sector showed an increase of only 117,000, which is noticeably worse than the forecast of 177,000, that is, the situation on the labour market remains ambiguous, and in these conditions, the dollar does not receive an incentive to grow at least until Friday.
As a result, trading on world markets is currently going in different directions, investors are waiting for clearer signals.
🛑SUPPORT/RESISTANCE
✅S1= 106.60
✅S2=105.85
✴️R1=107.40
✴️R2=108.25
Please like, share, comments and follow me to get daily base analysis.
Thank you for your support, I appreciate it.