USDJPY short-term bearish drop | 24th Sep 2021

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Price is holding above the ascending trendline support, however we are expecting the price to be making a short-term bearish drop as price has approached a strong resistance level where price reversed twice at that level. We can expect the price to drop from the 1st Resistance and ride the bearish momentum towards the 1st Support in line with 61.8% Fibonacci Retracement and 78.6% Fibonacci Projection. Our short-term bearish bias is further supported by the Stochastic indicator where the %K line touches the resistance level awaiting for a drop.

Trading Recommendation

Entry: 110.431

Reason for Entry:

127.2% Fibonacci Projection

Take Profit: 109.610

Reason for Take Profit:

61.8% Fibonacci retracement and 78.6% Fibonacci projection

Stop Loss: 110.794

Reason for Stop Loss:

-27.2% Fibonacci Retracement and 161.8% Fibonacci projection

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

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