USDJPY is now reacting off major resistance at 110.29 ( Fibonacci retracement Fibonacci extension , horizontal overlap resistance) and a further drop could occur from this level to drive price lower. We’re seeing intermediate support from our ascending support line and 109 (horizontal overlap support, Fibonacci retracement ) and a break of this level could trigger a much stronger drop to 108.33 ( Fibonacci extension , horizontal swing low support).
RSI (34) has made a bearish exit signaling that a drop could be expected on USDJPY .
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This analysis is provided as general market commentary and does not constitute investment advice.