USDJPY testing resistance, watch for potential drop!

5 באפר׳ 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.

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