USDJPY approaching support, potential bounce!

11 במאי 2018

USDJPY is approaching our first support at 109.24 (horizontal overlap support, short term ascending support line, 61.8% Fibonacci retracement). A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement). A breakout above our intermediate resistance at 109.97 (horizontal swing high resistance) might provide the bullish acceleration to our major resistance target.
RSI (89) is also approaching our major support where a bounce off this level might be a good precursor for a potential rise in price.
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