USDJPY short term bearish drop | 24th Nov 2021

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On the H4 timeframe, price is abiding to the ascending trendline support, signifying an overall bullish momentum. However, price has approached the 1st resistance in line with 61.8% Fibonacci projection and previous swing high hence, we can expect a potential short-term retracement. We can expect price to drop from 1st Resistance towards 1st Support in line with 61.8% Fibonacci projection and 50% Fibonacci retracement. Our short-term bearish bias is further supported by the stochastic indicator where the %K line is at the resistance level.

Trading Recommendation

Entry: 115.305

Reason for Entry:

61.8% Fibonacci projection and horizontal swing high

Take Profit: 114.466

Reason for Take Profit:

61.8% Fibonacci projection and 50% Fibonacci retracement

Stop Loss: 115.758

Reason for Stop Loss:

100% Fibonacci projection

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

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