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USDJPY approaching support, potential bounce! USDJPY is approaching our first support at 105.63 (horizontal swing low support, 61.8% Fibonacci extension, 78.6% Fibonacci retracement). A strong bounce might occur at this level pushing price up to our major resistance at 106.64 (horizontal swing high resistance, 61.8% Fibonacci retracement, 100% Fibonacci extension). A breakout of our intermediate resistance level at 106.08 (Horizontal overlap resistance, 50% Fibonacci retracement) might provide further bullish acceleration to our major resistance level. Stochastic (34,5,3) is also approaching its major support level at 5%, a good precursor for a potential rise in price should it bounce off this level. Trading CFDs on margin carries high risk. Losses can exceed the initial investment so please ensure you fully understand the risks.
Long
by Tickmill
2
USDJPY Possible Short Trade Hello Traders, today we would like to share with you the USDJPY as it seems that it may push lower. After the market pulled higher and held resistance around 112.00 as it turned south again. On its way to the downside, it might have created an S-H-S formation with a break of the trendline which may indicate lower prices. This may be first clues that a lower extend to the downside is possible. Looking at our Intermarket indications, which always gives us a clue about potential market capital flows, it seems that further outflow may follow as all of our indications look south with a tendency of staying for a little bit below the midlevel. However, the market may oscillate a little further around trendline break before potentially falling further to the downside due to massive outflow in the previous hours! We will wait for today’s close and see if potential trading opportunities occur. Let’s see. We will keep you updated!
Short
by secrets2trade
3