USDJPY approaching support, potential bounce!
USDJPY is approaching our first support at 109.24 (horizontal overlap support, short term ascending support line, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 109.97 (horizontal swing high resistance) might provide the bullish acceleration to our major resistance target.
RSI (89) is also approaching our major support where a bounce off this level might be a good precursor for a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
RSI (89) is also approaching our major support where a bounce off this level might be a good precursor for a potential rise 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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