USDJPY approaching resistance, potential drop!
USDJPY is approaching our first resistance at 113.65 (61.8% Fibonacci extension, horizontal pullback resistance, 38.2% fiboancci retracement) and a strong drop might occur below this level pushing price down to our major support at 112.97 (Horizontal swing low support, 100% fibonacci extension, 76.4% fibonacci retracement). Price broke through ichimoku cloud support and we are also seeing a potential head and shoulders reversal.
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price should it react off this level.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks
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