USDJPY is approaching our first resistance at 112.42 (100% Fibonacci extension, 78.6% Fibonacci retracement) and a strong drop might occur below this level pushing price down to our major support at 111.17 (horizontal swing low support, 100% Fibonacci extension, 61.8% Fibonacci retracement).
Stochastic (89,5,3) is also approaching resistance and a reaction below this level might see a corresponding drop in price.
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