FX.co ★ USDJPY Short-term Bearish Drop | 11th Feb 2022

Price is trading in an ascending channel signifying an overall bullish momentum, however, we can expect a short-term bearish drop from 1st Resistance level in line with horizontal resistance and 100% Fibonacci projection towards 1st Support in line with 100% Fibonacci projection and 78.6% Fibonacci retracement. Our bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Trading Recommendation

Entry:116.297

Reason for Entry:Horizontal resistance and 100% Fibonacci projection

Take Profit: : 114.739

Reason for Take Profit: 100% Fibonacci projection and 78.6% Fibonacci retracement

Stop Loss:116.938

Reason for Stop Loss:

100% Fibonacci projection