USDJPY testing resistance, potential reversal!
USDJPY is testing its resistance at 110.61 (61.8% Fibonacci extension, 76.4% Fibonacci retracement, horizontal overlap resistance) where it could potentially reverse off, causing price to fall to its support at 110.00 (61.8% Fibonacci extension, 23.6% Fibonacci retracement, horizontal overlap support).
Stochastic (55, 5, 3) is approaching resistance at 97% where a corresponding reaction could occur. We have also identified a bearish divergence with price which contributes to our bearish bias.
Stochastic (55, 5, 3) is approaching resistance at 97% where a corresponding reaction could occur. We have also identified a bearish divergence with price which contributes to our bearish bias.
Trade closed: target reached:
Dropped perfectly to our support target before bouncing off :)
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