USDJPY testing major resistance, potential to plunge!

١٨ مايو ٢٠١٨

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.