USD/JPY Forecast March 28, 2017, Technical Analysis

The USD/JPY pair fell during the day on Monday, reaching towards the 110 level below. That’s an area that will attract a lot of attention, not only because of the large, round, psychologically significant number, but the 50% Fibonacci retracement level as well. Currently, I’m wondering whether we can find some type of support, and then perhaps start buying at that point. If we break down below the 110 handle, we could then reach towards the 61.8% Fibonacci retracement level underneath near the 108 handle. Expect resistance at the 112 handle above, so we could see volatility.