USDJPY testing support, watch for breakout!
USDJPY is testing our first support at 109.01 (horizontal swing low support, 23.6% Fibonacci retracement). A breakout below this level might cause a strong reaction to occur, pushing price down to our major support at 107.92 (horizontal pullback support, 38.2%, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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