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

Price is testing our downside confirmation level where a break below this level, in line with our 50% fibonacci retracement, 78.6% fibonacci extension and horizontal overlap support could provide the bearish acceleration to our first support target.

Trading Recommendation

Entry: 106.037

Reason for Entry:

50% fibonacci retracement, 78.6% fibonacci extension and horizontal overlap support

Take Profit: 105.594

Reason for Take Profit:

Horizontal swing low support, 100% fibonacci extension

Stop Loss: 106.248

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% fibonacci extension, 78.6% fibonacci retracement