FX.co ★ USDJPY holding below descending trendline resistance! Further drop incoming!

Price holding below descending trendline resistance. A short term intraday pullback below 1st resistance at 105.549 towards 1st support at 105.241 can be possible. Price is also holding below moving average resistance as well.

Trading Recommendation

Entry: 105.549

Reason for Entry:

50% Fibonacci retracement, descending trendline resistance

Take Profit: 105.241

Reason for Take Profit:

-61.8% Fibonacci retracement, Recent graphical swing low

Stop Loss: 105.659

Reason for Stop Loss:

Recent swing high