FX.co ★ USDJPY testing support, potential bounce!

Price is facing bullish pressure from our first support in line with our ascending trend line, horizontal pullback support, 61.8% fibonacci retracement where we could see a bounce above this level to our first resistance level. Stochastic is approaching our support as well.

Trading Recommendation

Entry: 106.361

Reason for Entry:

Ascending trend line, horizontal pullback support, 61.8% fibonacci retracement

Take Profit: 107.076

Reason for Take Profit:

Horizontal swing high resistance, 78.6% fibonacci extension

Stop Loss: 105.875

Reason for Stop Loss:

horizontal swing low support, 100% fibonacci extension