USDJPY has reversed from Pivot, in line with 78.6% Fibonacci retracement and 100% Fibonacci extension, where we could see further downside from here towards 1st Support, in line with 61.8% Fibonacci retracement, 127.2% Fibonacci extension and ascending trendline support. Stochastics is also showing possible bearish pressure 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.