USDJPY facing bearish pressure from resistance, potential for further drop

analytics5f1536d25049f.jpg

Trading Recommendation

Entry: 107.404

Reason for Entry: 50% fibonacci retracement, horizontal swing high resistance and 78.6% fibonacci extension

Take Profit: 106.684

Reason for Take Profit: 76.4% fibonacci retracement, horizontal overlap support

Stop Loss: 107.736

Reason for Take Profit: Horizontal swing high resistance, 100% fibonacci extension

The material has been provided by InstaForex Company - www.instaforex.com