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

Price is facing bearish pressure from our first resistance in line with our horizontal pullback resistance and 23.6% fibonacci retracement where we could see a further drop to our first support target. The Ichimoku cloud is showing signs of bearish pressure as well, in line with our bearish bias.

Trading Recommendation

Entry: 103.716

Reason for Entry:

horizontal pullback resistance and 23.6% fibonacci retracement

Take Profit: 103.480

Reason for Take Profit:

78.6% fibonacci retracement, horizontal swing low support

Stop Loss: 103.807

Reason for Stop Loss:

50% fibonacci retracement, 61.8% fibonacci extension, horizontal swing high resistance