USDJPY short term bearish drop | 23rd Nov 2021

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On the H4 timeframe, we can now expect price to drop from 1st Resistance in line with 61.8% Fibonacci projection and horizontal swing high towards 1st Support in line with 61.8% Fibonacci projection and 61.8% Fibonacci retracement. Our short-term bearish bias is further supported by stochastic where %K line is at the resistance level.

Trading Recommendation

Entry: 114.943

Reason for Entry:

61.8% Fibonacci projection and horizontal swing high

Take Profit: 114.173

Reason for Take Profit:

61.8% Fibonacci projection and 61.8% Fibonacci retracement

Stop Loss: 115.305

Reason for Stop Loss:

78.6% Fibonacci projection

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

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