USDJPY is approaching support, potential bounce!
USDJPY is approaching our first support at 105.82 (horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur at this level pushing price up to our major resistance at 107.02 (horizontal swing high resistance, 23.6% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our support at 5%, in line with the potential downside before price reaches our first support. A bounce from this level might be a good precursor of a potential rise in price.
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Stochastic (55,5,3) is also approaching our support at 5%, in line with the potential downside before price reaches our first support. A bounce from this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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nice rally up to our major resistance!!!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results