USDJPY approaching support, potential bounce!

USDJPY is approaching our first support at 106.655 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 107.13 (horizontal pullback resistance, 61.8% Fibonacci retracement, 61.8% Fibonacci extension).

RSI (55) is also approaching our ascending support line and a bounce off this level might be a good precursor for a potential rise in price.

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