FX.co ★ USDJPY testing descending trendline resistance! Drop incoming!

Price testing and holding below descending trendline resistance and key fibonacci retracement level. A short term drop below 1st resistance at 103.721 towards 1st support at 103.590 could be expected.

Trading Recommendation

Entry: 103.721

Reason for Entry:

61.8% Fibonacci retracement,descending trendline resistance and moving average resistance

Take Profit: 103.590

Reason for Take Profit:

Graphical swing low support

Stop Loss: 103.477

Reason for Stop Loss:

Horizontal swing high resistance