Tickmill
Short

USDJPY testing major resistance, keep an eye on this setup!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is now testing major resistance at 109.76 ( Fibonacci retracement , horizontal swing high resistance) and a strong reaction could occur at this level to push price down to 108.33 support ( Fibonacci extension , horizontal swing low support). Our next level of resistance is at 110.36 (above multiple Fibonacci retracements, above pullback resistance).

Stochastic (55,5,3) is seeing major resistance at 97% where a corresponding reaction could occur.

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Losses can exceed the initial investment so please ensure you fully understand the risks.
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This analysis is provided as general market commentary and does not constitute investment advice.
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