Tickmill
Short

USDJPY approaching resistance, potential drop!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY is approaching our first resistance at 110.89 (horizontal overlap resistance, 100% extension, 50% Fibonacci retracement ) where a strong drop might occur below this level pushing price down to our major support at 110.30 (50% Fibonacci retracement , horizontal overlap support).
Stochastic (34,5,3) is also approaching resistance where we might see a corresponding drop 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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