USDJPY approaching resistance, potential drop!
USDJPY is approaching our first resistance at 111.20 (horizontal overlap resistance, 61.8% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 110.47 (horizontal overlap support, 61.8% Fibonacci extesion). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
RSI (89) is also facing bearish pressure from our long term descending resistance line and a break out of our support line might provide the bearish acceleration to the drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also facing bearish pressure from our long term descending resistance line and a break out of our support line might provide the bearish acceleration to the drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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