USDJPY facing massive bearish pressure, potential further drop!

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USDJPY is experiencing massive bearish pressure from our descending resistance line and we are seeing major resistance at 106.41 (Fibonacci retracement, horizontal overlap resistance). A drop could occur from this level to push price further down to 105.29 support (Fibonacci extension, horizontal swing low support).

RSI (34) sees a descending resistance line add to our overall bearish sentiment on USDJPY.

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