USDJPY approaching support, potential bounce!
USDJPY is approaching our first support at 105.63 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). A strong bounce might occur at this level pushing price up to our major resistance at 106.64 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout of our intermediate resistance level at 106.08 (Horizontal overlap resistance, 50% Fibonacci retracement) might provide further bullish acceleration to our major resistance level.
Stochastic (34,5,3) is also approaching its major support level at 5%, a good precursor for a potential rise in price should it bounce off this level.
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Stochastic (34,5,3) is also approaching its major support level at 5%, a good precursor for a potential rise in price should it bounce off this level.
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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