USDJPY reacted off resistance, further potential drop!

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Price reacted off our first resistance at 107.49 (horizontal swing high resistance, 61.8%, 100% Fibonacci extension, 23.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 107.05 (horizontal overlap support, 61.8% Fibonacci extension, 50% Fibonacci retracement).

Stochastic (55,5,3) is also approaching our major resistance and is a good precursor for a potential drop in price should it react off this level.

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