USDJPY facing bullish pressure, potential for further upside!

analytics60a210b6932d7.jpg

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

Pages