USDJPY approaching support, potential rise!
We look to buy above major support at 105.55 (61.8% Fibonacci retracement, 100% Fibonacci extension). We are expecting a strong bounce to occur at this level, pushing price up to our major resistance at 106.12 (38.2% Fibonacci retracement, Horizontal pullback resistance).
Stochastic (21,5,3) is also approaching its major support at 12%, in line with the potential downside before price reaches our buy entry. A strong bounce at this level will be a good precursor of a 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 (21,5,3) is also approaching its major support at 12%, in line with the potential downside before price reaches our buy entry. A strong bounce at this level will be a good precursor of a rise in price.
Losses can exceed the initial investment so please ensure you fully understand the risks Trading CFDs on margin carries high risk.
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