USDJPY reversed from resistance, potential drop!

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Price is approaching 1st resistance at 110.053 in line with Horizontal swing high and 100% Fibonacci extension where it could reverse down to 1st support at 109.120 in line with Horizontal swing low and 61.8% Fibonacci extension. Our bearish bias is further supported by how RSI is approaching resistance where price dropped in the past . Otherwise price may continue to bullish to 2nd resistance at 110.447 in line with 127.2 Fibonacci retracement and 127.2% Fibonacci extension.

Trading Recommendation

Entry: 110.053

Reason for Entry:

Horizontal swing high and 100% Fibonacci extension

Take Profit: 109.120

Reason for Take Profit:

Horizontal swing low and 61.8% Fibonacci extension

Stop Loss: 110.447

Reason for Stop Loss:

127.2 Fibonacci retracement and 127.2% Fibonacci extension.

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

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