USDJPY is testing Pivot, which is in line with 61.8% Fibonacci retracement, 161.8% Fibonacci extension and horizontal overlap support. We could see a bounce and further rise towards 1st Resistance, in line with 61.8% Fibonacci extension and horizontal swing high resistance. RSI is also approaching the support level where price has bounced before in the past, indicating possible bullish pressure. Price is also holding above the ascending trendline support, in line with our analysis.
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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.