USDJPY, H1 has broken a key support at 109.75 which is a strong fibonacci confluence area. On a short term perspective, it is also making lower highs signalling a potential change in trend direction.A drop below 109.75 area could see prices push down towards 1st support at 109.20 area which happens to be another Fibonacci confluence level that lines up nicely will a support level where price previously rallied strongly from.Disclaimer: Thematerial provided is for information purposes only and should not be consideredas investment advice. The views, information, or opinions expressed in the textbelong solely to the author, and not to the author’s employer, organization,committee or other group or individual or company.High Risk Warning: CFDsare complex instruments and come with a high risk of losing money rapidly dueto leverage. 73% and 65% of retail investor accounts lose money when tradingCFDs with Tickmill UK Ltd and Tickmill Europe Ltd respectively. You shouldconsider whether you understand how CFDs work and whether you can afford totake the high risk of losing your money.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/usdjpy-h1-breaking-key-support-potential-for-a-drop"
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