USDJPY approaching resistance potential drop!
USDJPY is approaching our first resistance at 110.03 (horizontal overlap resistance, 61.8% Fibonacci retracement) where price might potentially fall to our first support at 109.23 (horizontal overlap support, 78.6% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below this level might push price down to our second support at 108.82 (horizontal swing low support, 38.2% Fibonacci retracement).
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure in line with our bearish view.
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure in line with our bearish view.
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