FX.co ★ Daily Video Analysis: USDJPY approaching sell entry, potential for reversal!

Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is approaching the sell entry level, in line with 61.8%, 127.2% Fibonacci retracement and horizontal swing high resistance, where we could see a reversal and further drop towards take profit level, in line with 61.8% Fibonacci retracement and ascending trendline support. Stochastics is also approaching the upper resistance where it has reacted off before, indicating possible bearish pressure in line with our analysis.