USDJPY approaching support, watch for breakout!
USDJPY is approaching our first support at 105.26 (horizontal overlap support, 50% Fibonacci retracement, 100% Fibonacci extension). A breakout of this level might cause a strong reaction, pushing price down to our major support at 104.62 (horizontal swing low support, 61.8% Fibonacci extension).
RSI (89) is also seeing a short squeeze and is approaching its descending resistance line. A reaction off its resistance and breakout of its short term ascending support line might be a good precursor of a potential 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 (89) is also seeing a short squeeze and is approaching its descending resistance line. A reaction off its resistance and breakout of its short term ascending support line might be a good precursor of a potential 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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