USDJPY approaching resistance, potential breakout!
Price is approaching our intermediate resistance at 109.25 (horizontal overlap resistance, 50% Fibonacci retracement, 61.8% Fibonacci extension) and a breakout above this level might push price up to our major resistance at 110.32 (horizontal overlap resistance, 61.8% Fibonacci retracement). Ichimoku cloud is also showing signs of bullish pressure in line with our bullish bias.
RSI (34) is also seeing a bullish exit, a good precursor for a potential rise in price.
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RSI (34) is also seeing a bullish exit, a good precursor for a potential rise in price.
Trading CFDs on margin carries high risk.
Losses can exceed the initial investment so please ensure you fully understand the risks.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results