USDJPY is approaching our Pivot point, potential for a drop.
Price is approaching our Pivot point at 104.948 which is in line with our 100% Fibonacci extension, 61.8% Fibonacci retracement and horizontal swing high resistance. We could potentially see price drop towards our 1st support level at 104.064. It is worth noting that the descending trendline is showing bearish pressure in line with our analysis, and the Stochastic indicator is also testing the horizontal resistance level at 84.73. Trading FX & CFDs carries high risk.
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