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USDJPY approaching support, potential bounce!

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
easyMarkets Broker  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpylong usdjpyshort Forex forextrading forexsignals
6
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpylong usdjpyshort forex forextrading forexsignals
USDJPY is approaching our first support at 106.91 (horizontal swing low support, 38.2%, 76.4% Fibonacci retracement, 61.8% Fibonacci extension) and a strong bounce might occur above this level, pushing price up to our major resistance at 107.91 (horizontal swing high resistance, 100% Fibonacci extension) above this level. A breakout above our intermediate resistance at 107.59 (horizontal swing high resistance, 61.8% Fibonacci extension) might provide the bullish acceleration to our major resistance level.

Stochastic (55,5,3) is also bouncing off our major support and we might see a corresponding rise in price.

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