USDJPY is approaching support, potential bounce!
Updated
USDJPY is approaching our first support at 105.82 (horizontal pullback support, 50% Fibonacci retracement, 61.8% Fibonacci extension). A strong bounce might occur at this level pushing price up to our major resistance at 107.02 (horizontal swing high resistance, 23.6% Fibonacci retracement).
Stochastic (55,5,3) is also approaching our support at 5%, in line with the potential downside before price reaches our first support. A bounce from this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Stochastic (55,5,3) is also approaching our support at 5%, in line with the potential downside before price reaches our first support. A bounce from this level might be a good precursor of a potential rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
Trade closed: target reached
nice rally up to our major resistance!!!
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