USDJPY approaching resistance, potential drop!
Price is approaching our first resistance at 111.52 (horizontal overlap resistance, 50%, 61.8% Fibonacci retracement , 100% Fibonacci extension, short term descending resistance line) and a strong reaction might occur below this level pushing price down to our major support at 111.06 (horizontal swing low support, 61.8% Fibonacci extension, 76.4% Fibonacci retracement, long term ascending support line). Ichimoku cloud is also showing signs of bearish pressure in line with our bearish bias.
Stochastic (21,5,3) is also approaching resistance and a reaction below this level might see a corresponding 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 (21,5,3) is also approaching resistance and a reaction below this level might see a corresponding drop 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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