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Investments in financial products are subject to market risk. Some financial products, such as currency exchange, are highly speculative and any investment should only be done with risk capital. Prices rise and fall and past performance is no assurance of future performance. This website is an information site only.

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USD/JPY Approaching Support, Prepare For A Bounce

USD/JPY is approaching its support at 109.22 (61.8% Fibonacci extension, 50% Fibonacci retracement, horizontal overlap support) where we expect prices to rise to its resistance at 110.13 (61.8% Fibonacci retracement, horizontal swing high resistance).

Stochastic (55, 5, 3) is also approaching its support at 5.2% where a corresponding bounce is expected.

Buy above 109.22. Stop loss at 108.91. Take profit at 110.13.

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The material has been provided by InstaForex Company - www.instaforex.com