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

Price is testing our first resistance, in line with our descending trend line, 78.6% fibonacci retracement and 78.6% fibonacci extension where we could see a reversal below this level.

Trading Recommendation

Entry: 105.649

Reason for Entry:

descending trend line, 78.6% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 104.955

Reason for Take Profit:

50% fibonacci retracement and Horizontal swing low support

Stop Loss: 105.820

Reason for Stop Loss:

127% fibonacci Extension, horizontal swing high resistance