USDJPY approaching major support, potential bounce!
USDJPY is approaching its major support at 105.84 (78.6% Fibonacci retracement, horizontal overlap support, 61.8%, 100% Fibonacci extension). A strong reaction might occur at this level pushing price up to our next major resistance at 106.37 (horizontal overlap resistance, 38.2% Fibonacci retracement, 61.8% Fibonacci extension).
Stochastic (34,5,3) is also seeing a bullish divergence, a good precursor for a potential rise in price is.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (34,5,3) is also seeing a bullish divergence, a good precursor for a potential rise in price is.
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
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