FX.co ★ USDJPY facing bearish breakout

Price has made a bearish breakout from the triangle pattern, we are expecting price to push down towards the 1st Support in line with 78.6% Fibonacci retracement and 61.8% Fibonacci projection. Our bearish bias is further supported by the price holding below the 100period MA and the MACD indicator is showing the signal line cross above the MACD line signifying a bearish momentum.

Trading Recommendation

Entry: 109.889

Reason for Entry:

50% Fibonacci retracement and ascending trendline resistance

Take Profit: 109.085

Reason for Take Profit:

78.6% Fibonacci retracement

Stop Loss: 110.176

Reason for Stop Loss:

78.6% Fibonacci retracement