USDJPY approaching support, potential rise!
USDJPY is approaching our first support at 105.55 (61.8% Fibonacci retracement, 100% Fibonacci extension). A strong bounce might occur at this level, pushing price up to our major resistance at 106.12 (38.2% Fibonacci retracement, Horizontal pullback resistance).
Stochastic (21,5,3) is also approaching its major support at 12%, in line with the potential downside before price reaches our buy entry. A bounce off this level might be a good precursor of a rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (21,5,3) is also approaching its major support at 12%, in line with the potential downside before price reaches our buy entry. A bounce off this level might be a good precursor of a rise 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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