USDJPY approaching support, potential bounce!
USDJPY is approaching our first support at 106.91 (horizontal swing low support, 38.2%, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) and a strong bounce might occur above this level, pushing price up to our major resistance at 107.91 (horizontal swing high resistance, 100% Fibonacci extension) above this level. A breakout above our intermediate resistance at 107.59 (horizontal swing high resistance, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.
Stochastic (55,5,3) is also bouncing off our major support and we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (55,5,3) is also bouncing off our major support and we might see a corresponding rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
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