USDJPY approaching 1st resistance, potential for a reversal!

analytics609b6af351fcf.jpg

Price is approaching 1st resistance, which is in line with 78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance. We could potentially see a reversal at this level and further downside towards 1st support, in line with 61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support. Stochastics is also showing signs of bearish pressure as it approaches the upper resistance level where it has reacted off before.

Trading Recommendation

Entry: 109.058

Reason for Entry:

78.6% Fibonacci retracement, 100% Fibonacci extension and horizontal swing high resistance

Take Profit: 108.338

Reason for Take Profit:

61.8% Fibonacci retracement, 100% Fibonacci extension and horizontal swing low support

Stop Loss: 109.430

Reason for Stop Loss:

161.8% Fibonacci extension and horizontal swing high resistance

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

Pages