USD/JPY approaching resistance, potential drop!

USDJPY is approaching our first resistance at 112.16 (78.6% Fibonacci retracement , 61.8% Fibonacci extension , horizontal overlap resistance) where a strong drop might occur below this level pushing price down to our major support at 111.38 (61.8% Fibonacci retracement ).

Stochastic (89,5,3) is also approaching resistance and we might see a corresponding drop in price.

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Losses can exceed the initial investment so please ensure you fully understand the risks.

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