FX.co ★ USDJPY Potential for Bearish Drop towards previous swing low

Description :

Looking at the H4 chart, my overall bias for USDJPY is bearish due to the current price crossing below the Ichimoku cloud, indicating a bearish market structure. Looking for a pullback sell entry at 130.018, where the overlap resistance and 38.2% Fibonacci line is. Stop loss will be at 131.115, where the recent swing high is. Take profit will be at 127.215, where the previous swing low was.

Trading Recommendation

Entry: 130.018

Reason for Entry: Where the overlap resistance and 38.2% Fibonacci line is

Take Profit: 127.215

Reason for Take Profit:

Previous swing low

Stop Loss: 131.115

Reason for Stop Loss:

Recent swing high