USDJPY testing support, watch for breakout!
USDJPY is testing our first support at 109.01 (horizontal swing low support, 23.6% Fibonacci retracement). A breakout below this level might cause a strong reaction to occur, pushing price down to our major support at 107.92 (horizontal pullback support, 38.2%, 50% Fibonacci retracement). Ichimoku cloud is also showing signs of bearish pressure, in line with our bearish bias.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (34) is also seeing a bearish exit and we might see a corresponding drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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