USDJPY reacting off major resistance, watch for further drop!
USDJPY is now reacting off major resistance at 110.29 (Fibonacci retracement Fibonacci extension, horizontal overlap resistance) and a further drop could occur from this level to drive price lower. We’re seeing intermediate support from our ascending support line and 109 (horizontal overlap support, Fibonacci retracement) and a break of this level could trigger a much stronger drop to 108.33 (Fibonacci extension, horizontal swing low support).
RSI (34) has made a bearish exit signaling that a drop could be expected on USDJPY.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
RSI (34) has made a bearish exit signaling that a drop could be expected on USDJPY.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results