USDJPY approaching resistance, potential drop!
USDJPY is approaching our first resistance at 113.7 (horizontal swing high resistance, 100% fibonacci extension, 78.6% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 112.5 (61.8% fibonacci extension, 78.6% fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance and we might see a corresonding drop in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
Stochastic (89,5,3) is also approaching resistance and we might see a corresonding drop in price.
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