USDJPY approaching resistance, reversal incoming

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USDJPY is approaching horizontal pullback resistance in line with 38.2% Fibonacci retracement , 61.8% Fibonacci retracement and 61.8% Fibonacci extension . Prices might push down towards horizontal swing low support in line with 61.8% Fibonacci extension . If prices push up, prices might face resistance from horizontal swing high resistance in line with 100% Fibonacci extension and 61.8% Fibonacci retracement . MACD is also showing bearish crossover showing a bearish pressure for prices.

Trading Recommendation

Entry: 110.396

Reason for Entry:

Horizontal pullback resistance, 61.8% Fibonacci retracement, 38.2% Fibonacci retracement, 61.8% Fibonacci extension

Take Profit: 109.533

Reason for Take Profit:

Horizontal swing low support, 61.8% Fibonacci extension

Stop Loss: 110.815

Reason for Stop Loss:

Horizontal swing high resistance 61.8% Fibonacci retracement, 100% Fibonacci extension

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

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