USDJPY facing bearish pressure, potential for further downside!

analytics606ae080c1fdb.jpg

Prices are facing bearish pressure from the descending trend line as well as horizontal swing high resistance which is in line with 100% fibonacci extension and 78.6% fibonacci retracement. Prices are likely to push down towards horizontal swing low support which is in line with 100% fibonacci extension and 127.2% fibonacci extension. If prices break through descending trend line resistance and 1st resistance, price is likely to face resistance from 2nd resistance which is a horizontal swing high resistance which coincides with 78.6% fibonacci retracement. EMA is above prices, showing a bearish pressure for prices.

Trading Recommendation

Entry: 110.688

Reason for Entry:

Horizontal swing high resistance, 78.6% fibonacci retracement, 100% fibonacci extension

Take Profit: 110.375

Reason for Take Profit:

Horizontal swing low support, 78.6% fibonacci extension, 127,2% fibonacci extension

Stop Loss: 110.848

Reason for Stop Loss:

Horizontal swing high resistance, 78.6% fibonacci retracement

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

Pages