USDJPY testing support, potential bounce!

٧ مايو ٢٠١٨

Price is testing our first support at 108.76 (horizontal swing low support, 23.6% Fibonacci retracement) which coincides with our short term ascending support line. A strong bounce might occur above this level, pushing price up to our major resistance at 110.33 (horizontal overlap resistance, 61.8% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our major support we might see a corresponding rise in price should it bounce off this level.
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