USD/JPY Forecast February 6, 2014, Technical Analysis » Fx Empire Network: "When you look at this chart, you can see that the 101 level is at the roughly 50% Fibonacci retracement level, and that the bottom of the support area near the 100 level is in fact at the 61.8% Fibonacci retracement level. Both of these are massive areas for support as so many traders are involved in Fibonacci analysis. Because of this, the fact that we have formed to hammers in a row certainly has caught our attention as well. A break of the top the hammer from either Wednesday or Tuesday, we believe that this market will probably try to reach the 102 handle, but the real move will almost certainly happen after jobs numbers come out at 8:30 AM Eastern Standard Time on Friday."
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