Tickmill

USDJPY approaching resistance, potential breakout!

Long
FX:USDJPY   U.S. Dollar / Japanese Yen
Price is approaching our intermediate resistance at 109.25 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a breakout above this level might push price up to our major resistance at 110.32 (horizontal overlap resistance, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (34) is also seeing a bullish exit, a good precursor for a potential rise in price.
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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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