USDJPY testing its support, potential to rise further!

9 באפר׳ 2018

USDJPY is testing its support area at 106.65 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support, ascending support line) where it could potentially rise to its 1st resistance at 108.02 (100% Fibonacci extension, 61.8% Fibonacci extension, horizontal pullback resistance). We have also identified another support at 106.08 (100% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support).

Stochastic (34, 5, 3) made a corresponding bounce off its support where it has a lot of upside potential.