#CurrencyPairPrediction Intraday USD/JPY trading using Fibonacci retracement involves identifying key levels on a price chart where the currency pair may reverse or stall during the trading day. Traders use Fibonacci retracement levels—typically 23.6%, 38.2%, 50%, 61.8%, and 78.6%—to assess potential support and resistance points. Here's how it works: 1. Identify a Trend: The trader first identifies the most recent significant price movement (either an upward or downward trend). 2. Plot Fibonacci Levels: Using the Fibonacci tool, the trader plots retracement levels from the start to the end of the move. 3. Wait for Price Action: Price may retrace to one of these key Fibonacci levels before continuing in the original direction or reversing. 4. Entry/Exit Points: Traders look for confirmation signals (like candlestick patterns, momentum indicators, or other technical signals) at these levels to enter or exit positions. For intraday trades, traders focus on shorter timeframes (e.g., 15-minute or 1-hour charts) and monitor price action closely for quick entries and exits. Using Fibonacci retracement in combination with other technical analysis tools can help improve the accuracy of trade decisions.