ICmarkets
Long

USDJPY testing support, potential bounce!

FX:USDJPY   U.S. Dollar / Japanese Yen
USDJPY             is testing its horizontal overlap support at 106.35 which coincides with its long term descending pullback support line. Should this level hold, a strong bounce could occur at this level pushing price up to its next major resistance at 107.58 (horizontal swing high resistance, 100% Fibonacci extension , 23.6% Fibonacci retracement ).

Stochastic (21,5,3) is also approaching its major support at 5% and is a good precursor for a potential rise in price should it bounce off this level.

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