FX.co ★ USDJPY, Facing Bearish Pressure | 17th Dec 2021

On the H4 timeframe, price broke out of the ascending support, signifying an overall bearish momentum. We can expect price to drop from 1st Resistance in line with Graphical overlap resistance and 23.6% Fibonacci retracement towards 1st Support in line with 50% Fibonacci retracement and 127.2% FIbonacci projection. Our bearish bias is further supported by the MACD indicator where the signal line crosses above the MACD line.

Trading Recommendation

Entry:113.726

Reason for Entry:

Graphical overlap resistance and 23.6% Fibonacci retracement

Take Profit: 113.325

Reason for Take Profit:

50% Fibonacci retracement ,127.2% FIbonacci projection and horizontal graphical support

Stop Loss: 113.877

Reason for Stop Loss:

50% Fibonacci retracement