LONG USDJPY bouncing off support, potential rise!
USDJPY is approaching our major support level at 106.35 (horizontal overlap support, 50% Fibonacci retracement ). A strong reaction can occur at this level pushing price up to our next major resistance at 107.18 (horizontal swing high resistance, 23.6%, 78.6% Fibonacci retracement ).
RSI (55) is also approaching its support level 50% and is 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.
RSI (55) is also approaching its support level 50% and is 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.
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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.