FX.co ★ USDJPY is facing bearish pressure, potential for more downside.

Price is facing bearish pressure as it is now trending below the EMA(21), in line with our bearish bias. A drop from our pivot at 103.691 towards 1st support at 103.277 could be possible. Failing to edge below the pivot would see price swing towards 1st resistance where graphical swing high is.

Trading Recommendation

Entry:103.691

Reason for Entry:

horizontal pullback support, 61.8% fibonacci retracement and 78.6% fibonacci extension

Take Profit: 103.277

Reason for Take Profit:

61.8% Fibonacci retracement and 78.6% fib extension

Stop Loss: 104.077

Reason for Stop Loss:

Graphical swing high resistance