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2025-04-29 02:26
IndustryHow to plot Fibonacci levels on USD/JPY charts
#CurrencyPairPrediction
How to Plot Fibonacci Levels on USD/JPY Charts:
1. Identify a Trend:
Find a significant recent move on the USD/JPY chart — either a strong upward (bullish) or downward (bearish) trend.
2. Select Swing Points:
In an uptrend, click the lowest swing low and drag to the highest swing high.
In a downtrend, click the highest swing high and drag to the lowest swing low.
3. Apply Fibonacci Tool:
Use the Fibonacci retracement tool in your charting software (like TradingView, MetaTrader, etc.) to draw the levels.
4. Focus on Key Levels:
Common retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These indicate potential areas where USD/JPY could find support (in a pullback) or resistance.
5. Watch for Price Action:
Look for confirmations like candlestick patterns or volume changes at Fibonacci levels to make trade decisions.
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How to plot Fibonacci levels on USD/JPY charts
#CurrencyPairPrediction
How to Plot Fibonacci Levels on USD/JPY Charts:
1. Identify a Trend:
Find a significant recent move on the USD/JPY chart — either a strong upward (bullish) or downward (bearish) trend.
2. Select Swing Points:
In an uptrend, click the lowest swing low and drag to the highest swing high.
In a downtrend, click the highest swing high and drag to the lowest swing low.
3. Apply Fibonacci Tool:
Use the Fibonacci retracement tool in your charting software (like TradingView, MetaTrader, etc.) to draw the levels.
4. Focus on Key Levels:
Common retracement levels are 23.6%, 38.2%, 50%, 61.8%, and 78.6%. These indicate potential areas where USD/JPY could find support (in a pullback) or resistance.
5. Watch for Price Action:
Look for confirmations like candlestick patterns or volume changes at Fibonacci levels to make trade decisions.
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