USD/JPY approaching resistance, potential drop!

USDJPY is approaching 1st resistance at 106.78, potential drop could occur.

Entry :106.78

Why it’s good : horizontal swing high resistance

100% &61.8% Fibonacci extension

Take Profit : 105.70

Why it’s good :horizontal swing low support

100% Fibonacci extension

38.2% Fibonacci retracement

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

source https://www.instaforex.com/forex_analysis/151823/?x=KUCB