USDJPY testing resistance, watch for potential drop!

5 เม.ย. 2018

Price is approaching our first resistance at 107.12 (61.8%, 100% Fibonacci extension, horizontal swing high resistance, 23.6% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 106.16 (horizontal swing low support, 61.8% Fibonacci extension).

Stochastic (21,5,3) is approaching our major resistance and we might see a corresponding drop in price should it react off this level.

Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.