USDJPY is approaching our first resistance at 112.22 (horizontal overlap resistance, 100% fibonacci extension, 76.4% fibonacci retracement) where a strong drop might occur pushing price down to our major support at 111.28 (horizontal swing low support, 50% fibonacci retracement). Stochastic (55,5,3) is also approaching resistance and we might see a corresonding drop in price.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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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.