USDJPY Analysis: Might Reach 112.00

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The US Dollar continued to plummet in value against the Japanese Yen on Tuesday. Namely, the rate had fallen down tot he 112.15 mark by the middle of the day. At that level a 50.00% Fibonacci retracement level was located at.

If the level does not stop the decline of the pair, it will reach for the lower trend line of the dominant ascending pattern near the 112.00 level.

On the other hand, the rate might bounce off the Fibo and surge up to the 112.30 level. At that level the 200-hour simple moving average together with the weekly PP were located at.

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