USDJPY approaching 1st resistance, potential for a reversal!

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Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 127.2% Fibonacci extension and horizontal pullback support. RSI is also testing the descending trendline resistance, showing signs of bearish pressure as well.

Trading Recommendation

Entry: 109.043

Reason for Entry:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal pullback resistance

Take Profit: 108.676

Reason for Take Profit:

127.2% Fibonacci extension and horizontal pullback support

Stop Loss: 109.289

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

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

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