USDJPY testing support, potential bounce!
USDJPY is testing its horizontal overlap support at 106.35 which coincides with its long term descending pullback support line. Should this level hold, a strong bounce could occur at this level pushing price up to its next major resistance at 107.58 (horizontal swing high resistance, 100% Fibonacci extension , 23.6% Fibonacci retracement ).
Stochastic (21,5,3) is also approaching its major support at 5% and is a good precursor for a potential rise in price should it bounce off this level.
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Stochastic (21,5,3) is also approaching its major support at 5% 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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