FX.co ★ USDJPY short-term bearish pressure | 13th Oct 2021

We can see that price is abiding by the ascending trendline and we can see price has reached the 1st resistance hence, we can expect the price to reverse back down to the 1st Support in line with the 50% Fibonacci retracement , 100% Fibonacci projection and ascending trendline support. Our short-term bearish bias is further supported by the RSI indicator where it touched the resistance level and dropped.

Trading Recommendation

Entry: 113.827

Reason for Entry:

100% Fibonacci Projection

Take Profit: 112.146

Reason for Take Profit:

100% Fibonacci projection and 50% Fibonacci Retracement

Stop Loss: 114.581

Reason for Stop Loss:

Horizontal swing high, 127.2% Fibonacci projection