USDJPY approaching support, potential bounce!
USDJPY is approaching our first support at 112.83 (Horizontal overlap support, 23.6% fibonacci retracement) and a strong bounce might occur above this level pushing price up to our major resistance at 112.48 (horizontal swing high resistance, 61.8% fibonacci extension, 78.6% fibonacci retracment).
RSI (55) is also seeing a bullish breakout and we might see a corresponding bounce 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.
RSI (55) is also seeing a bullish breakout and we might see a corresponding bounce 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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