USDJPY short-term bullish bounce | 2nd Nov 2021

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Price broke out of the ascending trendline support showing an overall bearish momentum. We are expecting price to drop from the 1st resistance in line with 23.6% Fibonacci retracement towards the 1st Support in line with 38.2% Fibonacci projection and 100% Fibonacci projection. Our bearish bias is further supported by the stochastic indicator where the %K line touched the resistance level.

Trading Recommendation

Entry: 114.203

Reason for Entry:

23.6% Fibonacci retracement

Take Profit: 113.242

Reason for Take Profit:38.2% Fibonacci projection and 100% Fibonacci projection

Stop Loss: 114.630

Reason for Stop Loss:

61.8% Fibonacci projection and -27.2% Fibonacci retracement

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

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