USDJPY approaching support, potential bounce!
USDJPY is approaching our first support at 111.75 (horizontal pullback support, 23.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur pushing price up to our major resistance at 112.42 (76.4% Fibonacci retracement, 100% Fibonacci extension, long term descending resistance line).
RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price. Ichimoku cloud is also showing signs of bullish pressure in line with our bias.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price. Ichimoku cloud is also showing signs of bullish pressure in line with our bias.
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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