Tickmill
Long

USDJPY approaching support, potential bounce!

FX:USDJPY   U.S. Dollar / Japanese Yen
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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Losses can exceed the initial investment so please ensure you fully understand the risks.


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This analysis is provided as general market commentary and does not constitute investment advice.
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