Dollar's Next Stop Is 106.57 Yen in Fibonacci Retracement: Chart
The dollar’s plunge against the yen has the potential to go a lot further if you look at technical analysis tools used by traders. The U.S. currency slid beyond 113.94 yen Wednesday, falling through the support level located at 76.4 percent of its advance from a post-World War II low of 75.35 in October 2011 to a 13-year high of 125.86 on June 5. The next key level is 61.8 percent, or 106.57 yen, based on Fibonacci retracement.
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The dollar’s plunge against the yen has the potential to go a lot further if you look at technical analysis tools used by traders. The U.S. currency slid beyond 113.94 yen Wednesday, falling through the support level located at 76.4 percent of its advance from a post-World War II low of 75.35 in October 2011 to a 13-year high of 125.86 on June 5. The next key level is 61.8 percent, or 106.57 yen, based on Fibonacci retracement.