USDJPY is approaching Pivot, in line with 38.2% Fibonacci retracement, where we could see a reversal and further downside towards 1st Support, which is in line with horizontal swing low support and 100% Fibonacci extension, Stochastics is also approaching resistance, where it has reversed from before. Should price break above Pivot, we could see it swing towards 1st Resistance instead.
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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.