FX.co ★ USDJPY is approaching 1st support, potential for a bounce!

Price is approaching 1st Support, which is in line with our 61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support. We could potentially see a bounce and a further rise towards our 1st resistance, which is in line with our 78.6% Fibonacci extension and horizontal swing high resistance. It is worth noting that the Stochastic indicator has also just bounced from the 23.92 support level where it has reacted off before, in line with our analysis.

Trading Recommendation

Entry: 108.869

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and ascending trendline support

Take Profit: 109.327

Reason for Take Profit:

78.6% Fibonacci extension and horizontal swing high resistance

Stop Loss: 108.627

Reason for Stop Loss:

78.6% Fibonacci retracement, 127.2% Fibonacci extension and horizontal swing low support