FX.co ★ USDJPY broke out of descending trendline resistance! Rise incoming!

Price broke out of descending trendline resistance (now support) to the upside. A further push up above 1st support at 108.627 towards 1st resistance at 108.814 could be expected. MACD indicator starting to rise above 0 as well, showing a build up in bullish momentum.

Trading Recommendation

Entry: 108.627

Reason for Entry:

23.6% Fibonacci retracement, descending trendline support

Take Profit: 108.814

Reason for Take Profit:

-27.2% Fibonacci retracement, 100% FIbonacci extension

Stop Loss: 108.518

Reason for Stop Loss:

50% Fibonacci retracement