USDJPY short-term bearish pressure | 20th Oct 2021

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Price is holding on an ascending channel however, price can be expected to retrace back to the support level. We can expect the price to hit 1st Resistance in line with 161.8% Fibonacci retracement and 78.6% Fibonacci projection and drop down towards the 1st Support in line with 100% Fibonacci projection and 127.2% Fibonacci retracement. Our short-term bearish bias is further supported by the RSI indicator where it abided below a descending trendline resistance and showing a bearish divergence.

Trading Recommendation

Entry: 114.842

Reason for Entry:

161.8% Fibonacci retracement and 78.6% Fibonacci projection

Take Profit: 113.721

Reason for Take Profit:

100% Fibonacci projection and 127.2% Fibonacci retracement

Stop Loss: 115.262

Reason for Stop Loss:

127.2% Fibonacci projection

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

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