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USDJPY facing bullish pressure, potential for further upside!

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Price is facing bullish pressure as it continues to hold above both the Ichimoku cloud and ascending trendline support, in line with our bullish bias. We could potentially see a bounce at 1st support, in line with 61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback support, and further rise towards 1st resistance, in line with 61.8% FIbonacci extension and horizontal swing high resistance.

Trading Recommendation

Entry: 108.985

Reason for Entry:

61.8% Fibonacci retracement, 61.8% Fibonacci extension and horizontal pullback support

Take Profit: 109.787

Reason for Take Profit:

61.8% Fibonacci extension and horizontal swing high resistance

Stop Loss: 108.338

Reason for Stop Loss:

100% Fibonacci extension and horizontal swing low support

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