USDJPY is approaching support, potential bounce!
USDJPY is approaching our first support at 105.82 (horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur at this level pushing price up to our major resistance at 107.02 (horizontal swing high resistance, 23.6% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our support at 5%, in line with the potential downside before price reaches our first support. A bounce from this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also approaching our support at 5%, in line with the potential downside before price reaches our first support. A bounce from this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached:
nice rally up to our major resistance!!!
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results