USD/JPY approaching resistance, potential drop!

USDJPY is approaching our first resistance at 112.12 (horizontal swing high resistance, 76.4% Fibonacci retracement , 61.8% Fibonacci extension ) where a strong drop might occur below this level pushing price down to our major support at 111.35 (61.8% Fibonacci retracement ).

Stochastic is also approaching resistance where we might see a corresponding 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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The material has been provided by InstaForex Company - www.instaforex.com

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