USDJPY is approaching our first resistance at 105.27 (horizontal overlap resistance, 23.6% Fibonacci retracement, 61.8% Fibonacci extension). A strong reaction might occur at this level, pushing price down to our major support at 104.63 (100% Fibonacci extension, horizontal swing low support).
RSI (34) is also approaching our major resistance line at 54%, in line with the potential upside before price reaches our first resistance level. A reaction off this level might be a good precursor of a potential drop in price.
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RSI (34) is also approaching our major resistance line at 54%, in line with the potential upside before price reaches our first resistance level. A reaction off this level might be a good precursor of a potential drop in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results