USDJPY testing major resistance, potential to plunge!
USDJPY is testing major resistance at 110.95 (Fibonacci retracement, Fibonacci extension, Elliott wave structure, bearish harmonic formation) and a strong drop could occur from here to push price all the way down to major support at 108.89 (Fibonacci retracement, horizontal swing low support). We do have to be wary of intermediate support at 110.00.
Stochastic (55,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.
Stochastic (55,5,3) is seeing major resistance at 98% where a corresponding reaction could occur.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results