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

Price is facing bullish pressure as it is bouncing from the resistance-turned-support level, in line with our bullish bias. A bounce from our pivot at 104.43 towards 1st resistance at 104.94 could be possible. Failing to edge above the pivot would see price swing towards 1st support where the 50% Fibonacci retracement is.

Trading Recommendation

Entry: 104.38

Reason for Entry:

61.8% fib extension and horizontal pullback support

Take Profit: 104.94

Reason for Take Profit:

88% fib extension

Stop Loss: 103.90

Reason for Stop Loss:

50% fib extension, horizontal pullback support