USDJPY is making a pullback to our major support-turned-resistance level at 110.96 (major 50% Fibonacci retracement, horizontal overlap support stretching back to mid August 2017). This could be potentially a good level to trigger a strong sell off which could drive price down towards 109.88 support (100% Fibonacci extension, Fibonacci retracement, swing low support).
RSI (34) remains in a descending channel showing that there is still bearish momentum in this move.
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