USDJPY approaching resistance, potential drop!
USDJPY is approaching our first resistance at 105.25 (horizontal pullback resistance, 100% Fibonacci extension, 23.6%, 38.2%, 50% Fibonacci retracement). A strong reaction might occur at this level, pushing price down to our major support level at 104.65 (horizontal swing low support).
Stochastic (21,5,3) is also bouncing off its major support at 5.5%, in line with potential upside before price reaches our first resistance.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (21,5,3) is also bouncing off its major support at 5.5%, in line with potential upside before price reaches our first resistance.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached:
Perfectly down from our first resistance to our major support! Did you manage to get on this trade?
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results