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USDJPY potential bullish momentum | 5th Nov 2021

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On the H4 timeframe, price broke downwards from the triangle pattern, signifying a bearish momentum. We can expect price to drop from 1st Resistance in line with 38.2% Fibonacci retracement and ascending trendline support turn resistance towards 1st Support level in line with 50% Fibonacci retracement and 127.2% Fibonacci projection. Our bearish bias is further supported by the RSI indicator where it is abiding to the descending trendline resistance.

Trading Recommendation

Entry: 113.604

Reason for Entry:

38.2% Fibonacci retracement

Take Profit: 113.031

Reason for Take Profit:

50% Fibonacci retracement and 127.2% Fibonacci projection

Stop Loss: 113.910

Reason for Stop Loss:

78.6% Fibonacci projection and 61.8% Fibonacci retracement

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