USDJPY is approaching resistance, potential drop!

30 באפר׳ 2018

Price is approaching our first resistance at 109.73 (horizontal swing high resistance, 50% Fibonacci retracement). A strong reaction might occur below this level, pushing price down to our major support at 108.30 (horizontal swing low support, 23.6% Fibonacci retracement, 100% Fibonacci extension) which coincides with our short term ascending support line.
Stochastic (55,5,3) is also seeing a bearish divergence and is reacting off our major resistance where we might see a corresponding drop in price.
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