USDJPY is approaching our major support level at 106.35 (horizontal overlap support, 50% Fibonacci retracement ). A strong reaction can occur at this level pushing price up to our next major resistance at 107.18 (horizontal swing high resistance, 23.6%, 78.6% Fibonacci retracement ).
RSI (55) is also approaching its support level 50% and is a good precursor for a potential rise in price should it bounce off this level.
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