USDJPY is approaching our first support at 111.75 (horizontal pullback support, 23.6% Fibonacci retracement, 61.8% Fibonacci extension) where a strong bounce might occur pushing price up to our major resistance at 112.42 (76.4% Fibonacci retracement, 100% Fibonacci extension, long term descending resistance line).
RSI (89) is also seeing a bullish exit and we might see a corresponding rise in price. Ichimoku cloud is also showing signs of bullish pressure in line with our bias.
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