Tickmill
Short

USDJPY approaching resistance, potential drop!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is approaching our first resistance at 113.25 (horizontal overlap resistance, 61.8% fiboancci extension, 50% fiboancci retracement) and a strong drop might occur below this level pushing price down to our major support at 112.73 (horizontal swing low support, 100% fiboancci extension, 61.8% fiboancci retracement).
Stochastic (34,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
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This analysis is provided as general market commentary and does not constitute investment advice.
You are amazing! You called it perfectly.
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