FX.co ★ USDJPY is approaching resistance, potential reversal!

Price is approaching our first resistance, in line with our horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension where we could see a reversal below this level. The Ichimoku cloud and 20 period EMA are showing signs of bearish pressure as well.

Trading Recommendation

Entry: 105.822

Reason for Entry:

horizontal pullback resistance, 38.2% fibonacci retracement and 100% fibonacci extension

Take Profit: 105.368

Reason for Take Profit:

-27.2% fibonacci retracement

Stop Loss: 106.000

Reason for Stop Loss:

Horizontal pullback resistance, 100% fibonacci extension, 61.8% fibonacci retracement