FX.co ★ USDJPY facing bearish pressure, potential for further drop!

Price is facing bearish pressure from our descending trendline and first resistance, in line with our 23.6% fibonacci retracement and 78.6% fibonacci extension where we could see a further drop below this level to our first support target. Ichimoku cloud is showing signs of bearish pressure as well.

Trading Recommendation

Entry: 105.945

Reason for Entry:

descending trendline and first resistance, in line with our 23.6% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 105.286

Reason for Take Profit:

Horizontal overlap support, 61.8% fibonacci retracement

Stop Loss: 106.364

Reason for Stop Loss:

50% fibonacci retracement