USDJPY approaching resistance potential drop!
USDJPY is approaching our first resistance at 110.03 (horizontal overlap resistance, 61.8% Fibonacci retracement) where price might potentially fall to our first support at 109.23 (horizontal overlap support, 78.6% Fibonacci retracement, 61.8% Fibonacci extension). A breakout below this level might push price down to our second support at 108.82 (horizontal swing low support, 38.2% Fibonacci retracement).
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure in line with our bearish view.
RSI (21) is also seeing a bearish exit and Ichimoku cloud is showing signs of bearish pressure in line with our bearish view.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.