Tickmill

USDJPY approaching support, potential bounce!

Long
FX:USDJPY   Dollar Américain / Yen japonais
Price is approaching our first support at 109.24 (horizontal overlap support, short term ascending support line, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 109.97 (horizontal swing high resistance, 50% Fibonacci retracement) might provide the bullish acceleration to our major resistance level.
RSI (89) is also approaching our major support where we might see a corresponding rise in price should it bounce off this level.
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