FX.co ★ Daily Video Analysis: USDJPY facing bearish pressure, potential for further downside!

Today we take a look at USDJPY. Combining advanced technical analysis methods such as Fibonacci confluence, correlation, market structure, oscillators and demand/supply zones, we identify high probability trading setups. Price is holding below both the moving average and descending trendline resistance, which shows bearish pressure in line with our bearish bias. We could potentially see a further drop from our sell entry level, in line with our 61.8% Fibonacci retracement, towards our take profit levels, which is in line with our horizontal swing low support and -27% Fibonacci retracement.