FX.co ★ USDJPY facing bullish pressure, potential for further upside

USDJPY is facing bullish pressure from ascending trendline support in line with 78.6% Fibonacci retracement and 61.8% Fibonacci extension . Prices might push up towards horizontal swing high resistance in line with -27.2% Fibonacci retracement and 100% Fibonacci extension . If prices continue to push downwards, prices might take support from horizontal swing low support in line with 50% Fibonacci retracement and 100% Fibonacci extension.

Trading Recommendation

Entry: 110.582

Reason for Entry:

78.6% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 110.983

Reason for Take Profit:

Horizontal swing high resistance, -27.2% Fibonacci retracement, 100% Fibonacci extension

Stop Loss: 110.382

Reason for Stop Loss:

Horizontal swing low support, 50% Fibonacci retracement, 100% Fibonacci extension