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.