USDJPY approaching its major resistance, potential drop!
USDJPY is approaching its major resistance at 106.43 (horizontal overlap resistance, 50% Fibonacci retracement, 100% Fibonacci extension). A strong reaction might occur at this level pushing price down to our next major support at 105.63 (horizontal swing low support) which coincides with our short term ascending support line.
Stochastic (21,5,3) is approaching its major resistance at 74% and a reaction off this level would be a good precursor for a potential drop in price.
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Stochastic (21,5,3) is approaching its major resistance at 74% and a reaction off this level would be a good precursor for a potential drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results