USDJPY approaching resistance, potential drop!
USDJPY is approaching our first resistance at 110.22 (horizontal swing high resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension) and a strong drop could occur below this level pushing price down to our major support at 108.88 (61.8%, 100% Fibonacci extension, 76.4% Fibonacci retracement). A breakout below our intermediate support at 109.37 (horizontal swing low support, 61.8% Fibonacci extension) might provide the bearish acceleration to our major support level.
Stochastic (89,5,3) is also approaching our major resistance and a reaction below this level might see a corresponding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching our major resistance and a reaction below this level might see a corresponding 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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