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USDJPY approaching support, potential bounce!

Long
U.S. Dollar / Japanese Yen (FX:USDJPY)  
Tickmill Broker  
FX:USDJPY   U.S. Dollar / Japanese Yen
Trend Analysis Harmonic Patterns Chart Patterns USDJPY USD jpy usdjpylong usdjpyshort Forex forextrading forexsignals
5
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trendanalysis harmonicpatterns chartpattern usdjpy usd jpy usdjpylong usdjpyshort forex forextrading forexsignals
USDJPY is approaching our first support at 106.655 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 107.13 (horizontal pullback resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).

RSI (55) is also approaching our ascending support line and a bounce off this level might be a good precursor for a potential rise in price.

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This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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