USDJPY reacted off resistance, further potential drop!
Price reacted off our first resistance at 107.49 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 107.05 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our major resistance and is a good precursor for a potential drop in price should it react off this level.
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Stochastic (55,5,3) is also approaching our major resistance and is a good precursor for a potential drop in price should it react 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