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USD/JPY reaches first rebound correction level at 148.97

Further to an earlier update, the USD/JPY has extended its gains and just now tested the 149 handle. The high seen has been set at 148.99 a moment ago. That means the USD/JPY has met its first technical rebound objective at 148.97. That price point represents a 38.2% correction of the 151.91-147.15 move. Of course it remains to be seen, if that is now the end of the rebound, or there is more to come. If there is, then the next objective in terms of Fibonacci levels would be the 50% pullback, at 149.53. The move higher since my last update here has also pushed the EUR/USD below the 1.09 handle, notwithstanding further upside in the EUR/JPY so far this morning. The USD/JPY is just now trading at 148.95
 

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