Tickmill
Long

USDJPY has reached our first target, potential for further rise!

FX:USDJPY   U.S. Dollar / Japanese Yen
]USDJPY has shot up to our first forecasted resistance target. We’re now seeing that it has made another bullish exit of our long term descending resistance line and has formed a potential double bottom reversal. A strong bounce could occur above 106.41 support ( Fibonacci retracement , horizontal overlap support, bullish exit level) for a push up to 107.85 resistance ( Fibonacci retracement , horizontal pullback resistance).

RSI (89) has made a similar bullish exit signaling a change in momentum is occurring.

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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.
Good trade and analysis
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