USDJPY is approaching its major support at 105.80 (78.6% Fibonacci retracement , horizontal overlap support, 61.8%, 100% Fibonacci extension ). A strong reaction could occur at this level, pushing price up to our next major resistance at 106.37 (horizontal overlap resistance, 38.2% Fibonacci retracement ).
Stochastic (55,5,3) is also approaching its major support at 6% and a corresponding bounce in price could occur at 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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