Tickmill

EURJPY approaching resistance, potential drop!

Short
FX:EURJPY   Euro / Japanese Yen
EURJPY is approaching our first resistance at 125.84 (horizontal pullback resistance, 50%, 61.8% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur pushing price down to our major support at 123.47 (horizontal swing low support, 38.2% Fibonacci retracement ).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
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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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