USDJPY is approaching our first resistance at 111.96 (horizontal pullback resistance, 61.8%, 100% Fibonacci extension, 78.6% Fibonacci retracement) and a strong reaction might occur below this level, pushing price down to our major support at 109.31 (horizontal swing low support, 38.2%, 76.4% Fibonacci retracement).
Stochastic (89,5,3) is also approaching our resistance line and we might see a corresponding drop in price.
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